Friendly's bankruptcy (2011)
Friendly's, a Massachusetts-founded restaurant chain, filed for Chapter 11 bankruptcy and closed dozens of restaurants.
The bankruptcy let the chain restructure and continue with a smaller footprint.
It showed how a home-state brand can shrink without disappearing.
Wahlburgers is much smaller, but its Massachusetts closures pose a similar question: whether a local-roots brand can stabilize after contraction.
