Overview

• BurgerFi International, including Anthony’s Coal Fired Pizza & Wings, has filed for Chapter 11 bankruptcy protection.
• The bankruptcy affects only the 67 corporate-owned locations, while franchisee-operated sites remain unaffected.
• The company cited a drastic decline in post-pandemic consumer spending, inflation, and rising operational costs as key factors.
• BurgerFi has estimated assets of $50-$100 million and liabilities ranging from $100-$500 million.
• Despite the bankruptcy, all 144 locations will continue normal operations, with the company seeking to secure additional capital and complete its ongoing turnaround plan.