BurgerFi International, Inc., owner of the BurgerFi and Anthony’s Coal Fired Pizza & Wings brands, has filed for Chapter 11 bankruptcy, according to a press release.
Both corporate-owned and franchised locations in the United States, Puerto Rico and Saudi Arabia, will continue operations as normal. The Chapter 11 filing by the Company includes only the 67 corporate-owned locations of both brands. Franchisee-owned locations of BurgerFi and Anthony’s Coal Fired Pizza & Wings are excluded from the bankruptcy proceedings.
The brand filed for bankruptcy protection in the U.S. District Court for the District of Delaware, according to a CNN report.
“BurgerFi and Anthony’s Coal Fired Pizza & Wings are dynamic and beloved brands, and in the face of a drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs, we need to stabilize the business in a structured process,” Jeremy Rosenthal, chief restructuring officer of BurgerFi International, Inc., said in the press release. “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.”
The chain estimates liabilities between $100 million and $500 million and said it has just $4.4 million on hand as of August 14, according to CNN.
