BurgerFi and Anthony’s Coal Fired Pizza & Wings file for bankruptcy

( WJET/WFXP ) — BurgerFi, a national fast-casual burger chain and owner of Anthony’s Coal Fired Pizza & Wings, has officially filed for bankruptcy. Both restaurants are primarily based on the East Coast.

The company expects a loss of over $18 million in the second quarter of 2024 (April 1 – July 1) and has been struggling with lower operational income, rising wages, increased administrative costs, and restructuring expenses. The company also pointed to the rising food prices, including chicken wings with prices increasing $1.70 over the course of a year.

On May 30, the company began seeking “Strategic Alternatives” and has since been seeking alternative funding sources as well as restructuring. By August 9, the company had received $2.5 million in emergency funding but only had $4.4 million on hand. The company currently owes anywhere from $100 million to $500 million to over 10,000 creditors.

According to an SEC filing from August 15, the company had said that if they did not receive adequate relief from its senior lender, it would most likely have to seek bankruptcy protections. In the filing, concerns were also voiced about the future of the company without proper funding saying “the senior lender could foreclose on its security interest and liquidate or take possession of some or all of the assets of the Company and its subsidiaries.”

At this time, there is no certainty that its 102 burger restaurants and 60 pizza stores will remain open.

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