Friendly Ice Cream (FRN) To Explore Strategic Alternatives

Friendly Ice Cream Corporation (AMEX: FRN) retained Goldman Sachs & Co., as financial advisor, and Weil, Gotshal & Manges LLP, as legal advisor, to assist the Board of Directors in exploring strategic alternatives to enhance shareholder value, including a possible sale of the company.

NOTE: Friendly Ice Cream has long been an activist target of Sardar Biglari of The Lion Fund, LP.