On August 20, 2024, a BurgerFi location opened in Arlington, Virginia.
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BurgerFi The company filed for Chapter 11 bankruptcy protection on Tuesday, less than a month after warning investors that it had “significant doubts” about its ability to operate.
The company joins a growing list of restaurant chains, from Red Lobster to Buca di Beppo, that have turned to bankruptcy to stay afloat, as chains, independents and franchises across the restaurant industry struggle with declining customer traffic and high interest rates.
BurgerFi, known for its high-quality burgers, was founded in 2011. The company went public in 2020 through a special purpose acquisition company deal, which briefly became a popular alternative to a traditional IPO due to its speed and reduced regulatory oversight. A few months later, the company acquired Anthony’s Coal-Fired Pizza & Wings for $156.6 million.
According to the bankruptcy filing, BurgerFi has assets between $50 million and $75 million and total liabilities between $100 million and $500 million.
BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million for the quarter that ended April 1. Same-store sales at its namesake burger chain fell 13%.
The company operates 162 stores across its two brands, about half of which are franchised as of April 1.
