BurgerFi International files for Chapter 11, continues normal operations

FORT LAUDERDALE, Fla . — BurgerFi International, Inc., owner of Anthony’s Coal Fired Pizza & Wings and the BurgerFi brand, has filed for Chapter 11 bankruptcy protection as part of a reorganization effort aimed at stabilizing its business amid economic challenges.

The filing, announced today, Wednesday, Sept. 11, includes 67 corporate-owned locations, while the company’s franchised restaurants and those outside the U.S. are excluded from the proceedings.

Despite the filing, all 144 locations, including Saratoga Springs and Latham, will remain open and continue normal operations.

“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,” stated Jeremy Rosenthal, Chief Restructuring Officer of BurgerFi International.

Rosenthal expressed confidence that the Chapter 11 process would allow the company to protect and grow its brands, continuing the operational turnaround efforts that began less than a year ago. He emphasized the need to secure additional capital to support these efforts.

In July 2023, the company appointed Carl Bachmann as Chief Executive Officer and Christopher E. Jones as Chief Financial Officer to lead a strategic plan addressing foundational issues such as declining same-store sales, high employee turnover, and an outdated menu. As part of the turnaround, the company closed 19 underperforming corporate-owned stores and reduced related operating costs to better align with current business standards.

“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 Bachmann. He expressed gratitude for the continued support of customers, vendors, business partners, and employees, whom he described as “the heart of the company.”

BurgerFi International will be filing “first-day” motions in the bankruptcy proceedings to ensure the continuation of normal operations, including the payment of employee wages and benefits and the maintenance of customer programs. The company also seeks to allow customers to continue using rewards and gift cards at participating locations, pending court approval.

The company’s court filings and related documents are available through Stretto, Inc., the claims agent for the restructuring. Stakeholders seeking information can visit cases.stretto.com/BFI or contact the claims agent directly.

Proposed advisors to BurgerFi during the restructuring include Raines Feldman Littrell LLP, Force Ten Partners, and Sitrick And Company for strategic communications.

BurgerFi International operates 144 locations under its two brands, Anthony’s Coal Fired Pizza & Wings and BurgerFi, known for their focus on high-quality ingredients and unique dining experiences. The company aims to emerge from Chapter 11 stronger and better positioned to navigate the competitive restaurant industry.

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