Popular fast food chain BurgerFi has filed for Chapter 11 Bankruptcy.

“BurgerFi, known for its higher-quality burgers, was founded in 2011,” CNBC noted.

The company bought Anthony’s Coal Fired Pizza & Wings for $156.6 million.

“BurgerFi International, Inc., owner of the high-quality, casual dining chain Anthony’s Coal Fired Pizza & Wings (‘Anthony’s’) and one of the nation’s leading fast-casual ‘better burger’ dining concepts, BurgerFi, announced today that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to preserve the value of its brands for all stakeholders,” the company said in a press release.

“All 144 locations of the Company’s two brands throughout the United States, including in Puerto Rico, and in Saudi Arabia, (both corporate-owned and franchised) will continue normal, uninterrupted operations. 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,” it added.

BurgerFi International $BFI the parent company of BurgerFi and Anthony's Coal Fired Pizza, has filed for Chapter 11 bankruptcy protection as of September 11, 2024.

The company cited between $50 million to $100 million in assets against liabilities ranging from $100 million to… pic.twitter.com/H6g7A5iufe

— Lior (@liorsela) September 11, 2024

Per CNBC:

BurgerFi has assets of $50 million to $75 million and total debts of $100 million to $500 million, according to a bankruptcy filing.

For the quarter ended April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Same-store sales at its namesake burger chain tumbled 13%.

Across its two brands, the company has 162 restaurants, roughly half of which are run by franchisees, as of April 1.

“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,” said Jeremy Rosenthal, Chief Restructuring Officer of BurgerFi International, Inc.

“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,” Rosenthal added.

BurgerFi, owner of Anthony's Coal Fired Pizza & Wings and its namesake chain, is the latest restaurant operator to seek chapter 11, with pressures including the cost of labor and chicken wings https://t.co/cynmuyUSPJ

— WSJ Pro Bankruptcy (@WSJBankruptcy) September 11, 2024

USA TODAY reports:

The company had closed some underperforming locations and brought in a new CEO and CFO as part of a turnaround strategy and is in the midst of a “top-to-bottom evaluation of its operations,” the company said.

“Despite the early positive indicators of the turnaround plan initiated less than a year ago, the legacy challenges facing the business necessitated today’s filing,” said Carl Bachmann. “We are grateful for the continued support of our loyal customers, vendors, business partners and our dedicated team members, who are the heart of the company.”

BurgerFi recently landed a spot on USA TODAY 10Best Readers’ Choice list of 2024’s Best Fast Casual Restaurants.