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Bankruptcy
Bankruptcy
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California City Will Be the Largest to Ever Declare Bankruptcy
California has certainly had its share of financial woes, and now the city of Stockton, about 80 miles east of San Francisco, is set to become the largest American municipality to declare bankruptcy.
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Restaurant Chain Friendly’s Files for Chapter 11 Bankruptcy
Citing the economic downtown and rising food costs, the parent of the Friendly’s restaurant chain filed for Chapter 11 bankruptcy protection on Wednesday and closed 63 underperforming stores.
The 76-year-old franchise, based in Wilbraham, Massachusetts and known for its ice cream and hamburgers, will continue to operate more than 400 restaurants as it restructures.