Food Industry
Industry: Email Alert RSS FeedFriendly in sale-lease-back deal.
Ice Cream Reporter, November, 2007
Friendly Ice Cream Corporation is reported to have gone from owner to renter at its headquarters campus as well as 160 of its restaurants. Friendly has sold the properties to subsidiaries of Realty Income Corp., a California-based company that specializes in buying retail properties and leasing them back to the original chains under long-term lease agreements. Friendly has taken long-term leases on all the properties, according to local news media.
The move is intended to relieve the company of some long term debt associated with mortgages on the properties. Company officials have indicated that this is a procedure many restaurant chains have been using in recent years to that same end.
Friendly's decision to switch to renting comes upon the heels of...
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