Exhibit 99.1

Friendly Ice Cream Corporation Appoints Former Dunkin Brands Executive as
President, Chief Executive Officer and Director

     WILBRAHAM, Mass.--(BUSINESS WIRE)--Jan. 8, 2007--Friendly Ice Cream
Corporation (AMEX: FRN) today announced the appointment of George M. Condos as
the Company's President and Chief Executive Officer and a member of its Board of
Directors, effective January 8, 2007.

     Mr. Condos, 51, brings with him 30 years of experience in the restaurant
and hospitality industry, including his most recent position as Brand Officer
for Dunkin Donuts. Dunkin Donuts is owned by Dunkin Brands which also owns
Baskin Robbins ice cream and TOGOS sandwich shops. As Brand Officer, Mr. Condos
was directly responsible for leading brand strategy and execution for more than
4,850 franchised stores in the United States generating $4.3 billion in sales.

     "Over the past few months, we conducted an extensive, national CEO search
and interviewed a number of well-qualified candidates. We are very excited to
have attracted George Condos, a seasoned and accomplished executive with
significant experience in the restaurant and ice cream industry, and we welcome
his leadership at this important time in our company's history," said Donald N.
Smith, Chairman of the Board. "His efforts in the development and marketing of
over 2,000 Dunkin stores in the Northeast have resulted in making Dunkin Donuts
a powerful brand."

     Mr. Smith added, "We admire and are attracted by the many innovations
developed during George's time at Dunkin, which were designed to create a
day-long experience at Dunkin Donuts and strengthen opportunities for and
relationships with franchise owners. We are also impressed by his experience in
the Northeast, the core of the Friendly's base, and his desire to remain in this
area of the country. We look forward to the fresh ideas and experience George
will offer us and our shareholders both in his capacity as a new member of our
Board of Directors and as our President and Chief Executive Officer."

     After starting his career in operations for International Dairy Queen, Mr.
Condos joined Allied Domecq QSR, the parent company of Dunkin Brands, in 1987,
serving in various roles for U.S. and international operations until being named
Brand Officer in 2003 and served in that capacity until 2006.

     "After a long career in building high profile brands, seeking opportunities
in existing and new markets, and driving a culture of customer service, it is a
great privilege to join a company like Friendly's with such a storied history
and rich foundation," Mr. Condos said. "I look forward to the opportunities and
challenges that lie ahead and, as a native of New England, believe I can make
significant contributions to a company I know well and respect highly."

     Mr. Condos succeeds John L. Cutter, who resigned in September 2006.

     About Friendly Ice Cream Corporation

     Friendly Ice Cream Corporation is a vertically integrated restaurant
company serving signature sandwiches, entrees and ice cream desserts in a
friendly, family environment in 514 company and franchised restaurants
throughout the Northeast. The company also manufactures ice cream, which is
distributed through more than 4,500 supermarkets and other retail locations.
With a 71-year operating history, Friendly's enjoys strong brand recognition and
is currently revitalizing its restaurants and introducing new products to grow
its customer base.

     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 expected contributions of Mr. Condos to the Company's future
growth and prospectus. All forward looking statements are subject to risks and
uncertainties which could cause results to differ materially from those
anticipated. These factors include risks and uncertainties arising from
accounting adjustments, 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 costs associated with improved service
and other similar initiatives. 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.


     CONTACT: Friendly Ice Cream Corporation
              Maura Tobias, 413-731-4238