The Friendly's Corporation announcing overnight that it will file for Chapter 11 bankruptcy protection.
The move came at the same time that the company also announced that it is working on a sale agreement with the Amici Partnership Group.
They are a Connecticut group that runs and invests in restaurants.
Officials say that the 130 stores will run as usual and nearly all are expected to remain open.
Officials say the protections were necessary in order to insure a smooth transition to the new ownership group.
(Photo Credit: John Baibak/WHYN Radio)