August 20, 2024, BurgerFi store in Arlington, Virginia.
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Burger Fee The company filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after warning investors that it had “serious doubts” about its ability to operate.
The company joins a growing list of restaurant chains from Red Lobster to Buca di Beppo turning around through bankruptcy. Across the board, chains, independents and franchisees in the restaurant industry are struggling with declining traffic and high interest rates.
Founded in 2011, BurgerFi is known for its high-quality burgers. A few months later, the company acquired Anthony’s Coal Fired Pizza & Wings for $156.6 million.
BurgerFi has $50 million to $75 million in assets and total debt of $100 million to $500 million, according to the bankruptcy filing.
For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain fell 13%.
As of April 1, the company had 162 restaurants across its two brands, about half of which were operated by franchisees.
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