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In recent news, BurgerFi, a popular restaurant chain known for its higher-quality burgers, has filed for Chapter 11 bankruptcy protection. This move comes less than a month after the company expressed doubts about its ability to continue operating. BurgerFi joins the ranks of other restaurant chains, such as Red Lobster and Buca di Beppo, that have turned to bankruptcy in hopes of turning their businesses around.
Founded in 2011, BurgerFi went public in 2020 through a deal with a special purpose acquisition company, which was gaining popularity as an alternative to traditional IPOs. The company later acquired Anthony’s Coal Fired Pizza & Wings for $156.6 million. Despite these efforts, BurgerFi reported a net loss of $6.5 million for the quarter ended April 1, with same-store sales declining by 13%.
With assets totaling $50 million to $75 million and total debts ranging from $100 million to $500 million, BurgerFi’s bankruptcy filing has sparked uncertainty among investors and industry analysts. The company, which operates 162 restaurants across its two brands, half of which are run by franchisees, faces significant challenges as it navigates the current economic climate.
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