BurgerFi International, the fast-casual burger chain and parent company of Anthony’s Coal Fired Pizza, has filed for Chapter 11 bankruptcy protection, according to recent media reports. The filing was made in a Delaware court on Wednesday.
Financial Details
In its bankruptcy filing, BurgerFi reported holding assets valued between $50 million and $100 million, while its liabilities are estimated to be between $100 million and $500 million, as reported by Restaurant Business.
Background and Context
The Fort Lauderdale, Florida-based company had previously indicated potential bankruptcy, noting in an SEC filing that it might seek bankruptcy protection if it could not secure adequate relief from its senior lender, additional cash from external sources, or through asset sales. The company’s senior lender has the authority to demand immediate repayment of the debt, which has been a contributing factor to the bankruptcy decision, CNN reported.
Business Operations
BurgerFi operates a total of 60 pizza stores and 102 burger restaurants. The Chapter 11 filing allows the company to restructure its debts while continuing its business operations.
This move is part of BurgerFi’s efforts to address its financial challenges and work towards a sustainable path forward.
