EXHIBIT 99.1
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                                                                 August 29, 2007



FOR IMMEDIATE RELEASE
Contact:  Deborah Burns, Senior Director, Investor Relations, 413-731-4124



                    FRIENDLY ICE CREAM CORPORATION ANNOUNCES
                         STOCKHOLDER APPROVAL OF MERGER



WILBRAHAM, Mass. - (August 29, 2007) - Friendly Ice Cream Corporation (AMEX:
FRN) today announced that the stockholders of Friendly's approved the merger of
Friendly's with Freeze Operations, Inc., an affiliate of Sun Capital Partners,
Inc. Based on preliminary results, of the 6,741,438 shares voted, approximately
98.5% were voted in favor of the merger.

Under the terms of the merger agreement, Friendly's stockholders will receive
$15.50 in cash, without interest and less any applicable withholdings, for each
share of Friendly's common stock issued and outstanding at the effective time of
the merger (other than shares held in Friendly's treasury and shares held by any
of Friendly's wholly-owned subsidiaries). Closing of the transaction is expected
to occur on August 30, 2007.

                                    * * * * *

ABOUT SUN CAPITAL

         Sun Capital Partners, Inc. is a leading private investment firm focused
on leveraged buyouts, equity, debt, and other investments in market-leading
companies that can benefit from its in-house operating professionals and
experience. Sun Capital affiliates have invested in and managed more than 165
companies worldwide with combined sales in excess of $35.0 billion since Sun
Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles,
and New York, as well as affiliates with offices in London, Tokyo, and Shenzhen.
For more information, please visit www:SunCapPart.com.

ABOUT FRIENDLY'S

         Friendly Ice Cream Corporation is a vertically integrated restaurant
company serving signature sandwiches, entrees and ice cream desserts in a
friendly, family environment in 515 company and franchised restaurants
throughout the Northeast. The Company also manufactures ice cream, which is
distributed through more than 4,000 supermarkets and other retail locations.
With a 72-year operating history, Friendly's enjoys strong brand recognition and


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is currently remodeling its restaurants and introducing new products to grow its
customer base. Additional information on Friendly Ice Cream Corporation can be
found on the Company's website (www.friendlys.com).

FORWARD LOOKING STATEMENTS

         Statements contained in this release that are not historical facts
constitute "forward looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. These statements include statements
relating to the trends in company-operated restaurant sales, the anticipated
impact, benefits and results from the Company's key initiatives and trends
relating to menu prices. All forward looking statements are subject to risks and
uncertainties which could cause results to differ materially from those
anticipated. These factors include the Company's highly competitive business
environment, exposure to fluctuating commodity prices, risks associated with the
foodservice industry, the ability to retain and attract new employees, new or
changing government regulations, the Company's high geographic concentration in
the Northeast and its attendant weather patterns, conditions needed to meet
restaurant re-imaging and new opening targets, the Company's ability to continue
to develop and implement its franchising program, the Company's ability to
service its debt and other obligations, the Company's ability to meet ongoing
financial covenants contained in the Company's debt instruments, loan
agreements, leases and other long-term commitments, unforeseen costs and
expenses associated with litigation and other similar matters, and costs
associated with improved service and other similar initiatives, and risks
relating to the proposed merger of the Company with an affiliate of Sun Capital
Partners. Other factors that may cause actual results to differ from the forward
looking statements contained herein and that may affect the Company's prospects
in general are included in the Company's other filings with the Securities and
Exchange Commission. As a result the Company can provide no assurance that its
future results will not be materially different from those projected. The
Company expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any such forward looking statement to reflect any
change in its expectations or any change in events, conditions or circumstances
on which any such statement is based.