“BurgerFi and Anthony’s Coal Fired Pizza & Wings are dynamic and beloved brands. To stabilize our business, we need to go through a structured process that allows us to continue our operational turnaround,” said Rosenthal.
BurgerFi Filed for Bankruptcy : Impact on Operations
The Chapter 11 case involves only corporate-owned BurgerFi and Anthony’s locations, leaving franchisee-owned locations unaffected. Both brands are expected to continue operating as usual throughout the bankruptcy proceedings. Despite the filing, BurgerFi had not yet submitted a first-day declaration, a document that typically outlines the company’s debt structure and strategy during bankruptcy.
A Tough Year for BurgerFi
The past year has been financially challenging for the restaurant chain. In January, BurgerFi reported failing to meet minimum liquidity requirements under its credit agreement, with roughly $50 million in outstanding debt due by September 30. By May, the company entered into a forbearance agreement with TREW Capital Management Private Credit 2 LLC, securing a $2 million loan to stay afloat. L Catterton also agreed to provide another $2 million to help during this period.
