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COMPANY RELEASES STATEMENT

President: Prices,

Competition Led

To Friendly's End

Friendly's President George Michel

ONEONTA – Friendly's closing of its Oneonta restaurant and 22 others is part of a "months-long evaluation and careful consideration," according to a statement from company President George Michel.  He cited "competition and rising prices" for the decision.

"We have decided to close 23 corporate-owned restaurants, effective immediately," Michel said in a letter to franchisees released by the company this evening. "While this was a tough decision, we are confident it will best position the brand for a bright future. Especially difficult is the impact these closures will have on the locations’ wonderful employees, who we are working to support with opportunities in other locations or severance payments and other assistance."

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