BurgerFi filed for Chapter 11 bankruptcy protection on Tuesday, following a recent warning to investors that it had “substantial doubt” about its ability to continue operating.
Restaurant chain BurgerFi files for Chapter 11 bankruptcy protection
9/11/2024
The company is the latest in a string of restaurant chains, including Red Lobster and Buca di Beppo, that have turned to bankruptcy as a way to restructure their businesses. The restaurant industry as a whole has faced challenges, with both chains and independent operators struggling due to decreasing customer traffic and rising interest rates.
Founded in 2011, BurgerFi is known for its premium burgers. It went public in 2020 through a special purpose acquisition company (SPAC), a method that gained popularity as a quicker, less regulated alternative to a traditional IPO. Shortly after, BurgerFi acquired Anthony’s Coal Fired Pizza & Wings for $156.6 million.
In its bankruptcy filing, the company reported assets between $50 million and $75 million, and debts ranging from $100 million to $500 million.
For the quarter ending April 1, BurgerFi posted $42.9 million in revenue but suffered a net loss of $6.5 million. Its namesake chain saw a 13% drop in same-store sales.
As of April 1, the company operated 162 restaurants across its two brands, with about half of them franchised.
The Pentagon has officially accepted a $400 million luxury airliner from Qatar that Trump said will serve as Air Force One
5/21/2025 7:01 PMKlarna CEO has said that AI helped company shrink workforce by 40%
5/21/2025 6:04 PMSerious Credit Card delinquencies has risen to 12.31%
5/21/2025 6:01 PMSoftware engineer lost his $150K-a-year job to AI—he’s been rejected from 800 jobs and forced to DoorDash and live in a trailer to make ends meet
5/21/2025 5:58 PM
Stay Updated
Subscribe to our newsletter for the latest financial insights and news.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.