BurgerFi files for Chapter 11 bankruptcy [CNN]
BurgerFi International Inc (BFI)
Company Research
Source: CNN
BurgerFi is another casualty of the rough business conditions hitting fast casual chains this year, which included Rubio's, Buca di Peppo and Red Lobster also declaring bankruptcy. Even if not filing for bankruptcy, McDonald's Starbucks , Burger King and Wendy's have all reported less foot traffic and lower overall sales, turning to value meal propositions to attract customers. BurgerFi, filing for bankruptcy protection in the U.S. District Court for the District of Delaware, said all of its corporate locations will operate normally. Franchise-owned locations are exempt from the bankruptcy filing, the company said in a press release. Many businesses in the US file for bankruptcy to wind down some operations, shed debt and save on costs. A common route is Chapter 11 bankruptcy, which allows the company to solve its financial problems through reorganization. BurgerFi previously blamed store closures as the primary cause of its sales decline. Food prices have also hurt BurgerFi —
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- Anthony's Coal Fired Pizza in Cranberry to close as parent company delists from Nasdaq [Yahoo! Finance]Yahoo! Finance
- Here's where to get a free burger on National Cheeseburger Day [Yahoo! Finance]Yahoo! Finance
- Here's where to get a free burger on National Cheeseburger Day [Fortune]Fortune
BFI
Sec Filings
- 9/17/24 - Form 8-K
- 9/5/24 - Form 3
- 8/30/24 - Form 8-K
- BFI's page on the SEC website