TONS of jack dempsey babies out of nowhere...

I just realized my Jack Dempseys have had babies! There must be 1000
fry in the tank, about 1/4" long, and they are swimming very
vigorously, there are small clouds of them at the bottom of my tank
hiding in the river rocks, and others just swimming around in the
open. I turned the filters off and now just have air stones running. I
have had these fish for 2 years now, one is about 7" long and the
other (the mom, I think) is about 4" in a 40 gal tank. No other fish.

I know nothing about caring for fry - should I remove the parents?
They are usually very skiddish and bolt and hide every time I approach
the tank, but seem to be not so touchy since I noticed the babies. I
can't tell if they are eating the babies, as there are so dang many of
them. The next few days should tell. I'm feeding them red and green
flakes that I mush together in bigger clumps and put in a small bowl -
the parents are bottom feeders and have always eaten this way, they
are sloppy, so lots of crumbs are left for the fry.

A friend has an unused 50 gal tank I could put the parents in, but
space in my house is limited unless it is an absolute necessity.

Any tips?

Thanks!

If the fry are free swimming then now is the time to remove the parents.
The parents will soon become frustrated with trying to herd all those
babies and start eating them. Check a good old fashioned fish store if
you have one around, they may sell fry food.
Good Luck, Ed