Current:Home > MarketsAnthony's Coal Fired Pizza & Wings parent company BurgerFi files for bankruptcy -FutureFinance
Anthony's Coal Fired Pizza & Wings parent company BurgerFi files for bankruptcy
View
Date:2025-04-13 19:27:07
BurgerFi, which is also the parent company of Anthony's Coal Fired Pizza & Wings, has filed for Chapter 11 bankruptcy protection.
All 144 of the Fort Lauderdale, Florida-headquartered company's BurgerFi and Anthony's Coal Fired Pizza & Wings locations in the U.S. and elsewhere will remain open, the company said in a press release Tuesday.
The bankruptcy filing, filed in U.S. Bankruptcy Court in Delaware, includes only the 67 corporate-owned locations; the other locations are franchised and are excluded from the bankruptcy proceedings, the company said.
BurgerFi acquired Anthony's for $156.6 million on Nov. 3, 2021. It owns 17 of the 93 BurgerFi restaurants and 50 of the 51 Anthony's locations.
Shopping list:Amazon drops 2024 'Toys We Love' list for early holiday shoppers
BurgerFi latest restaurant chain in bankruptcy
BurgerFi is just the latest restaurant to file for bankruptcy. Red Lobster filed for bankruptcy in May – and is currently exiting bankruptcy after being acquired. At least 10 restaurant chains that have filed for bankruptcy in 2024, CNBC reported, in part due to rising menu prices and declining customers.
"BurgerFi and Anthony's Coal Fired Pizza & Wings are dynamic and beloved brands, and in the face of a drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs, we need to stabilize the business in a structured process," said Jeremy Rosenthal, the chief restructuring officer of BurgerFi International, Inc., said in a statement. "We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital."
The company saw sales at its BurgerFi and Anthony's locations fall 4% during the three-month period ending July 1, 2024, a decline of about $1.8 million, compared to the previous year, according to an Aug. 16 filing with the Securities and Exchange Commission. In the filing, the company said, "absent any other action, there is substantial doubt about the Company’s ability to continue to operate as a going concern" and that it may seek bankruptcy protection.
BurgerFi has estimated assets of $50 million to $100 million and debts of $100 million-$500 million, according to a bankruptcy filing.
The company had closed some underperforming locations and brought in a new CEO and CFO as part of a turnaround strategy and is in the midst of a "top-to-bottom evaluation of its operations," the company said.
"Despite the early positive indicators of the turnaround plan initiated less than a year ago, the legacy challenges facing the business necessitated today's filing," said Carl Bachmann. "We are grateful for the continued support of our loyal customers, vendors, business partners and our dedicated team members, who are the heart of the company."
BurgerFi recently landed a spot on USA TODAY 10Best Readers' Choice list of 2024's Best Fast Casual Restaurants.
Follow Mike Snider on X and Threads: @mikesnider & mikegsnider.
What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day
veryGood! (85648)
Related
- Juan Soto to be introduced by Mets at Citi Field after striking record $765 million, 15
- 'Dangerous' heat wave settles over California and Oregon, expected to last days
- Firefighters make progress against California wildfire, but heat and fire risks grow in the West
- Biden heads into a make-or-break stretch for his imperiled presidential campaign
- Who's hosting 'Saturday Night Live' tonight? Musical guest, how to watch Dec. 14 episode
- Dehydrated coyote pup dies after it was rescued by California firefighters
- Officers who defended the Capitol fight falsehoods about Jan. 6 and campaign for Joe Biden
- Hurricane Beryl live updates: Storm makes landfall again in Mexico. Is Texas next?
- Civic engagement nonprofits say democracy needs support in between big elections. Do funders agree?
- Justin Timberlake exudes sincerity at Baltimore show a week after apparent joke about DWI
Ranking
- Why Sean "Diddy" Combs Is Being Given a Laptop in Jail Amid Witness Intimidation Fears
- The 8 best video games of 2024 (so far)
- Biden cancels speech at teachers union convention in Philadelphia after union staff goes on strike
- Ryan Garcia expelled from World Boxing Council after latest online rant
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Copa America 2024: Results, highlights as Canada defeats Venezuela on penalties
- Federal Reserve highlights its political independence as presidential campaign heats up
- People hate Olivia Culpo's wedding dress, and Christian McCaffrey is clapping back
Recommendation
NHL in ASL returns, delivering American Sign Language analysis for Deaf community at Winter Classic
Ranger wounded, suspect dead in rare shooting at Yellowstone National Park, NPS says
Ryan Garcia expelled from World Boxing Council after latest online rant
Football fireworks: Five NFL teams that could be more explosive in 2024
Newly elected West Virginia lawmaker arrested and accused of making terroristic threats
Transgender, nonbinary 1,500 runner Nikki Hiltz shines on and off track, earns spot at Paris Games
Mindy Kaling's Sweet Selfie With Baby Anne Will Warm Your Heart
AP Week in Pictures: Global