Friendly Ice Cream Corporation To Explore Strategic Alternatives for Enhancing Shareholder Value

  
    
  
  
    
      Friendly Ice Cream Corporation (AMEX: FRN) today announced that it has 
      retained Goldman Sachs & Co., as financial advisor, and Weil, Gotshal & 
      Manges LLP, as legal advisor, to assist the Board of Directors in 
      exploring strategic alternatives to enhance shareholder value, including 
      a possible sale of the company. The company said that while it will 
      review a wide range of options in consultation with its advisors, there 
      can be no assurance of any particular outcome. The company does not 
      expect to disclose further developments regarding the process until the 
      review of strategic alternatives has been completed.
    
    
      About Friendly’s
    
    
      Friendly Ice Cream Corporation is a vertically integrated restaurant 
      company serving signature sandwiches, entrees and ice cream desserts in 
      a friendly, family environment in 514 company and franchised restaurants 
      throughout the Northeast. The Company also manufactures ice cream, which 
      is distributed through more than 4,000 supermarkets and other retail 
      locations. With a 71-year operating history, Friendly's enjoys strong 
      brand recognition and is currently remodeling its restaurants and 
      introducing new products to grow its customer base. Additional 
      information on Friendly Ice Cream Corporation can be found on the Company’s 
      website (www.friendlys.com).