A group of franchisees, in a letter yesterday to Friendly Ice Cream Corp. shareholders, have voiced their support for the companyâ€™s restaurant operating system and for new CEO George Condos.
The Boston-based group, which represents 95 percent of Friendlyâ€™s Ice Cream Restaurant franchisees, was responding to the companyâ€™s recent announcement it would explore â€œstrategic alternativesâ€ including the possible sale of the company. Their letter appeared to be a vote for the status quo.
â€œWe are writing to you to express our united support for preserving the long term interests of the Friendly Restaurant Operating System,â€ the franchise owners wrote.
â€œFor many of us, our investment in Friendlyâ€™s and the success of Friendlyâ€™s restaurants is our livelihood,â€ they added. â€œWe are very encouraged by the recent actions of the current Board in hiring George Condos â€¦ [and] believe he is in a position to grow our business for the benefit of Shareholders and Franchisees alike.
â€œConversely, we oppose any investor(s) or shareholder(s) who do not look to protect the long-term interests and success of the current Franchisees and our significant investment as major â€˜stakeholdersâ€™ in the Friendlyâ€™s Brand.â€
Additional information, including the full text of the letter, is available at BusinessWire.com.