Friendly's For Sale?

Friendly's has apparently hired Goldman Sachs to advise them on possible options, including a possible sale. Perhaps in a related event, two hedge operators who own a sizable stake in the company sent a letter to shareholders, as highlighted by the Globe:

Meantime, on Tuesday Sardar Biglari , one of the firm's largest stockholders, sent a letter to other shareholders outlining his strategy to shake up the chain if he and business partner, Philip L. Cooley, win the two directors seats up for election at the company's annual meeting in May. He said the firm needs to convert more company-owned stores to franchises and curb executive compensation.

With founder Pres Blake's suit still pending, it seems likely that there will be more to come from this corporate story.