BurgerFi International, owner of Anthony’s Coal Fired Pizza & Wings and its eponymous chain, on Wednesday joined the growing list of embattled restaurant operators to file for bankruptcy.
The Fort Lauderdale-based company’s 67 corporate-owned locations sought protection from creditors in the U.S. Bankruptcy Court in Wilmington, Del., with assets of at least $50 million and liabilities of at least $100 million, the Wall Street Journal reports.
Only its corporate-owned BurgerFi and Anthony’s Coal Fired Pizza & Wings restaurants are included in the bankruptcy proceedings, it said. There are 17 and 50 of those, respectively.
Chief Restructuring Officer Jeremy Rosenthal said the company’s need to file for Chapter 11 arose amid a “drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs,” according to a press release cited by FOX Business, following in the wake of other restaurant outlets to have already shut their doors this year.
BurgerFi, founded in 2011, went public in 2020 and during a special purpose acquisition seeking to improve its business, launched an extensive turnaround effort last year.
CEO Carl Bachmann pointed to “legacy challenges” also “necessitated today’s filing” despite the company having seen “early positive indicators of the turnaround plan initiated less than a year ago.”
In its filing, BurgerFi estimated a range of $50-$100 million for its assets. Estimated liabilities were $100-$500 million.
Other restaurant chains that have entered Chapter 11 bankruptcy this year include Roti, Buca di Beppo, Rubio’s Coastal Grill, Red Lobster and Tijuana Flats.