The Burger Restaurant Chain That Just Filed For Bankruptcy [Yahoo! Finance]
BurgerFi International Inc (BFI)
Company Research
Source: Yahoo! Finance
the ranks of those companies experiencing dire financial issues. As reported by CNN , BurgerFi filed Chapter 11 bankruptcy, due to a combination of rising food costs, higher operating expenses, and decreasing sales due to the closure of store locations. Chapter 11 bankruptcy involves the creation of a repayment plan to reorganize debt. BurgerFi acquired Anthony's Coal Fired Pizza & Wings in 2021, and both establishments experienced a 4% decrease in sales figures during the financial quarter ending in July 2024 compared to the same time last year (per a filing with the U.S. Securities and Exchange Commission ). BurgerFi's debt-to-asset ratio illustrates its poor financial condition, as the company claims between $50 million and $100 million in assets, while its debt is projected to range between $100 million and $500 million. The filing affects corporate-owned locations, while BurgerFi franchise locations are excluded. However, the company claims that affected locations will continue
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News
- DJT stock falls another 10%. Could Trump Media's plunge finally spell the end for SPACs? [Yahoo! Finance]Yahoo! Finance
- BurgerFi and Anthony's Coal Fired Pizza closed restaurants: Full list and map of shuttered locations [Yahoo! Finance]Yahoo! Finance
- 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