BurgerFi Files for Chapter 11 Bankruptcy Amid Financial Struggles

The upscale burger chain aims to reorganize and stabilize its business while keeping all locations open.

BurgerFi International, including Anthony’s Coal Fired Pizza & Wings, has filed for Chapter 11 bankruptcy protection.
The bankruptcy affects only the 67 corporate-owned locations, while franchisee-operated sites remain unaffected.
The company cited a drastic decline in post-pandemic consumer spending, inflation, and rising operational costs as key factors.
BurgerFi has estimated assets of $50-$100 million and liabilities ranging from $100-$500 million.
Despite the bankruptcy, all 144 locations will continue normal operations, with the company seeking to secure additional capital and complete its ongoing turnaround plan.