Friendly Franchisees Voice Support for Preserving Long Term Interests of the Friendly Restaurant Operating System
Franchisees send open letter to Friendly Shareholders supporting the recent hiring of George Condos and preserving long term interests of the Friendly Restaurant Operating System
A group consisting of owners representing 95% of Friendly's Ice Cream Restaurant Franchisees today announced they have sent an open letter to Friendly Shareholders voicing their support for preserving the long term interests of the Friendly Restaurant Operating System, in light of the recent announcement by the corporation to seek 'strategic alternatives' to enhance shareholder value, including a possible sale of the company.
The owners said they are encouraged by the recent hiring of George Condos as Friendly's new Chief Executive Officer, citing his 30 years of experience in the ice cream manufacture and restaurant industries, stating that Mr. Condos' initiatives, 'will grow our business to the benefit of Shareholders and Franchisees alike."
The full text of the open letter follows:
Open Letter from Franchisees to Friendly Shareholders
Dear Friendly's Shareholder:
We are writing to you to express our united support for preserving the long term interests of the Friendly Restaurant Operating System, in light of the recent announcement by the corporation to seek "strategic alternatives' to enhance shareholder value, including a possible sale of the company.
We collectively represent 95% of the Friendly franchisees. For many of us, our investment in Friendly's and the success of Friendly's restaurants is our livelihood.
We are very encouraged by the recent actions of the current Board in hiring George Condos, Friendly's new CEO. With his 30 years of diverse experience, including ice cream manufacture and sales in the restaurant and hospitality industries, we believe he is in a position to grow our business for the benefit of Shareholders and Franchisees alike.
Conversely, 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 'stakeholders' in the Friendly's Brand.
Sincerely, Your Franchisees
Logos, product and company names mentioned are the property of their respective owners.
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