Report says Friendly TMs to file for bankruptcy

Friendly TMs, a popular restaurant chain, may close its doors due to the decline of U.S. consumer spending.

The Wall Street Journal reports that Friendly TMs may be preparing for a possible sale and Chapter 11 bankruptcy filing spurred by raising prices of for corn and butter, and an economy forcing consumers to spend less on entertainment.

Friendly Ice Cream Corp., based in Wilbraham, Massachusetts, operates over 500 restaurants with approximately 10,000 nationwide. Friendly TMs may see protection from creditors in the next week the Wall Street Journal reported, citing people it said were familiar with the matter.

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