POLAND, Ohio -  Despite the corporate bankruptcy filing of the ice cream and hamburger chain Friendly's, the local franchise will not be affected, said the Poland franchise owner.

The national chain filed for Chapter 11 bankruptcy protection Wednesday, according to The Associated Press.

The company's Chief Executive, Harsha V. Agadi, said that the country's current economic struggle greatly affected business.

"We have made a lot of progress, but our company continued to face significant financial challenges. This was exacerbated by the weak economy and rapidly rising commodity costs that have impacted the entire restaurant industry," Agadi said in a statement.

But Mike Steigerwald, owner of five Friendly's restaraunts in Ohio including Poland, said that the company is a local franchise, completely separted from corporate and would therefore, not be affected.

But 63 other restaraunts bearing the 76-year old title will be affected, as the company plans to close the stores.  The company will still have 424 open restaraunts across the Northeastern United States.

The corporation intends to sell its assets to an affilliate of the company's owner, Sun Capital.