The Dartmouth Friendly’s will stay open after restaurant chain owner FIC Restaurants, Inc. filed for Chapter 11 bankruptcy and agreed to sell its assets, the company announced in a Nov. 1 press release.

The restaurant chain will be sold to fast food and casual dining restaurant operator Amici Partners Group, LLC, which owns Smoothie Factory Juice Bar, Souper Salad, and RedBrick Pizza Kitchen Cafe chains.

Nearly all of the 130 Friendly’s restaurant locations will remain open subject to Covid-19 restrictions, the release stated.

Friendly’s has filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code and has asked the Bankruptcy Court for a hearing in mid-December to approve the sale.

According to the release, Friendly’s has sufficient cash on hand to continue operations.

“Over the last two years, Friendly’s has made important strides toward reinvigorating our beloved brand in the face of shifting demographics, increased competition, and rising costs,” said George Michel, CEO of FIC Restaurants. “Unfortunately, like many restaurant businesses, our progress was suddenly interrupted by the catastrophic impact of Covid-19, which caused a decline in revenue as dine-in operations ceased for months and reopened with limited capacity.