An upmarket US burger chain is the latest restaurant business to file for bankruptcy – as casualties in the industry mount up.
BurgerFi – which also owns Anthony’s Coal Fired Pizza – sought Chapter 11 protection at a Delaware court on Wednesday. It has as much as $500 million of debts.
Across the two brands, the company has 162 locations – including a flagship BurgerFi in New York that only opened a few months ago. All are under threat.
It is the latest restaurant chain to file for bankruptcy in 2024, and follows Red Lobster, Rubio’s, Buca di Beppo, World of Beer, Roti, plus Melt Bar & Grill.
As Red Lobster did this summer, BurgerFi is hoping it can get out of leases for its worst performing restaurants in a bid to cut costs and clear debts.
BurgerFi, which touts itself as a rival to Shake Shack and Five Guys, sells its cheeseburger for about $11 at its 102 restaurants.
