On March 7, the company announced that it had retainedinvestment bank Goldman Sachs and law firm Weil, Gotshal &Manges to explore strategic options. The board is examining thoseoptions, the company said, declining to comment further. Meanwhile,management continues on revitalizing the company, includingupdating the menu, new marketing, and "Service the Friendly Way," areorganization of restaurant staff to improve customer service.
"All of us serve the customer or serve those who serve thecustomer," said George M. Condos, president and CEO. The first fiverestaurant tests begin this week, he said.
During the quarter, the firm opened one new, company-ownedFriendly's restaurant and franchisees opened one new franchiserestaurant. Six restaurants were closed, and six more acquired byfranchisees.
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