Friendly Ice Cream Corporation.

Friendly Ice Cream Corporation has announced that it has finalized the sale of 31 Friendly's restaurants on Long Island, New York, to a new franchisee, J&B Restaurant Partners Holding Company of Long Island LLC, for a transaction price of approximately $20.0 million. The sale includes a development agreement to open 29 new units over the next 12 years. J&B Restaurant Partners with over 20 years of retail experience, will soon become the exclusive food service contractor of Nassau Community College, and currently operates such franchise concepts as Taco Bell, Pizza Hut Express, and Nathans. The sale of the units is part of a strategy announced a year ago by Friendly for the disposition of approximately 70 additional company-owned restaurants over the next 24 months.