Thu Sep 12 00:29:52 UTC 2024: ## BurgerFi Files for Bankruptcy Amidst Rising Costs and Declining Sales

**[City, State] -** BurgerFi International, the parent company of the BurgerFi and Anthony’s Coal Fired Pizza & Wings chains, filed for Chapter 11 bankruptcy protection on Wednesday. The move comes as the company struggles with rising inflation, increased food and labor costs, and a decline in post-pandemic consumer spending.

The bankruptcy proceedings only affect the company’s 17 corporate-owned BurgerFi and 50 Anthony’s Coal Fired Pizza & Wings restaurants. Franchisee-owned locations, totaling 76 BurgerFi and one Anthony’s, will remain open and unaffected.

BurgerFi, which launched a turnaround plan last year, cited “legacy challenges” and a need to “preserve the value” of its brands as reasons for the filing. The company estimated its assets to be between $50-$100 million and liabilities between $100-$500 million.

“We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital,” said Jeremy Rosenthal, Chief Restructuring Officer.

BurgerFi joins a growing list of restaurant chains that have filed for bankruptcy this year, including Roti, Buca di Beppo, Rubio’s Coastal Grill, Red Lobster, and Tijuana Flats.

Experts believe that the rising costs and shifting consumer spending habits are creating a challenging environment for the restaurant industry.

Read More