Thu Sep 12 08:35:52 UTC 2024: ## BurgerFi Files for Bankruptcy Amidst Rising Costs and Declining Sales
**Fort Lauderdale, FL** – BurgerFi International, the parent company of both BurgerFi and Anthony’s Coal Fired Pizza & Wings, announced Wednesday that it has filed for Chapter 11 bankruptcy. The move comes as the company struggles with rising costs, declining consumer spending, and a challenging economic environment.
The bankruptcy filing covers 67 corporate-owned locations, including 17 BurgerFi restaurants and 50 Anthony’s Coal Fired Pizza & Wings outlets. The company estimates its assets to be between $50 million and $100 million, with liabilities ranging from $100 million to $500 million.
BurgerFi, founded in 2011 and publicly traded since 2020, launched a turnaround plan last year in an attempt to improve its financial performance. However, CEO Carl Bachmann attributes the bankruptcy filing to “legacy challenges” that persisted despite early signs of improvement.
“The decision to file for Chapter 11 was a difficult one, but it is the best course of action for our company,” said Jeremy Rosenthal, BurgerFi’s Chief Restructuring Officer. “The post-pandemic economic landscape has been difficult for many businesses, and we have been impacted by the decline in consumer spending and the increase in food and labor costs.”
BurgerFi’s bankruptcy filing adds to a growing list of restaurant chains facing financial difficulties this year, including Roti, Buca di Beppo, Rubio’s Coastal Grill, Red Lobster, and Tijuana Flats.
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