BurgerFi International Files for Protection Under Chapter 11
BurgerFi International (NASDAQ: BFI) has filed voluntary petitions for reorganization under Chapter 11 to preserve brand value and stabilize operations following a post‑pandemic decline in consumer spending and rising costs. All 144 BurgerFi and Anthony's locations will remain open and operate normally; the filing covers only the 67 corporate‑owned locations while franchisee‑owned restaurants are excluded. The company closed 19 underperforming corporate stores as part of a footprint alignment and plans to seek customary "first day" motions to continue payroll, benefits, rewards and gift‑card programs. Management named Jeremy Rosenthal as Chief Restructuring Officer; CEO Carl Bachmann and CFO Christopher E. Jones are leading the turnaround. Court documents and stakeholder contacts are available via the company's claims agent website.
BurgerFi International (NASDAQ: BFI) ha presentato petizioni volontarie per riorganizzazione ai sensi del Capitolo 11 per preservare il valore del marchio e stabilizzare le operazioni in seguito a un calo della spesa dei consumatori post‑pandemia e all'aumento dei costi. Tutti i 144 punti BurgerFi e Anthony's resteranno aperti e opereranno normalmente; la presentazione riguarda solo i 67 locali di proprietà dell'azienda mentre i ristoranti in franchising sono esclusi. L'azienda ha chiuso 19 negozi aziendali in sottoperformance come parte di un allineamento della footprint e intende chiedere i consueti "primi giorni" di misure per continuare la retribuzione, i benefici, i programmi di premi e di carte regalo. La direzione ha nominato Jeremy Rosenthal come Chief Restructuring Officer; il CEO Carl Bachmann e il CFO Christopher E. Jones guidano la ristrutturazione. I documenti del tribunale e i contatti con gli stakeholder sono disponibili tramite il sito web dell'agente delle claims dell'azienda.
BurgerFi International (NASDAQ: BFI) ha presentado peticiones voluntarias de reorganización bajo el Capítulo 11 para preservar el valor de la marca y estabilizar las operaciones tras una caída en el gasto de los consumidores postpandemia y el aumento de costos. Todos los 144 locales de BurgerFi y Anthony's permanecerán abiertos y funcionarán con normalidad; la presentación cubre solo los 67 locales de propiedad corporativa mientras que los restaurantes propiedad de franquiciados quedan excluidos. La empresa cerró 19 tiendas corporativas de bajo rendimiento como parte de un alineamiento de la huella y planea solicitar los habituales trámites de "primer día" para continuar con la nómina, beneficios, programas de recompensas y tarjetas de regalo. La dirección nombró a Jeremy Rosenthal como Chief Restructuring Officer; el CEO Carl Bachmann y el CFO Christopher E. Jones lideran la reestructuración. Los documentos del tribunal y los contactos de las partes interesadas están disponibles a través del sitio web del agente de reclamaciones de la empresa.
BurgerFi International (NASDAQ: BFI)가 브랜드 가치를 보전하고 팬데믹 이후 소비자 지출 감소와 비용 증가에 대응하기 위해 챕터 11에 따라 자발적으로 재무조정을 위한 청원을 제기했습니다. 모든 144 BurgerFi 및 Anthony's 지점은 열려 있으며 정상적으로 영업합니다; 이 제출은 67개 기업 소유 지점에만 해당되며 가맹점 소유 레스토랑은 제외됩니다. 이 회사는 규모 조정의 일환으로 19개 회사 소유 매장을 폐쇄했고 급여, 복리후생, 보상 및 기프트카드 프로그램을 계속하기 위해 일반적으로 필요한 "첫날 조치"를 요청할 계획입니다. 경영진은 Chief Restructuring Officer로 Jeremy Rosenthal를 임명했고, CEO Carl Bachmann 및 CFO Christopher E. Jones가 구조조정을 주도합니다. 법원 문서와 이해관계자 연락처는 회사의 청구 대리인 웹사이트를 통해 이용 가능합니다.
BurgerFi International (NASDAQ: BFI) a déposé des demandes volontaires de réorganisation en vertu du Chapitre 11 afin de préserver la valeur de la marque et de stabiliser les opérations après une baisse des dépenses des consommateurs post‑pandémie et une augmentation des coûts. Tous les 144 établissements BurgerFi et Anthony's resteront ouverts et fonctionneront normalement ; le dépôt couvre uniquement les 67 établissements détenus par l'entreprise tandis que les restaurants franchisés sont exclus. L'entreprise a fermé 19 magasins d'entreprise sous‑performants dans le cadre d'un réajustement de l'empreinte et prévoit de demander les habituelles motions du « premier jour » pour maintenir les salaires, les avantages, les programmes de récompenses et les cartes cadeau. La direction a nommé Jeremy Rosenthal au poste de Chief Restructuring Officer; le PDG Carl Bachmann et le CFO Christopher E. Jones dirigent la restructuration. Les documents du tribunal et les contacts des parties prenantes sont disponibles via le site web de l'agent de réclamations de l'entreprise.
BurgerFi International (NASDAQ: BFI) hat freiwillige Anträge auf Restrukturierung gemäß Kapitel 11 gestellt, um den Markenwert zu erhalten und den Betrieb nach einem pandemiebedingten Nachfragerückgang und steigenden Kosten zu stabilisieren. Alle 144 BurgerFi- und Anthony's-Standorte bleiben geöffnet und arbeiten normal; der Antrag betrifft nur die 67 unternehmensbesessenen Standorte, franchiseneugesetzte Restaurants sind ausgeschlossen. Das Unternehmen schloss 19 unrentable Unternehmensgeschäfte im Rahmen einer Flächenanpassung und beabsichtigt, die üblichen „ersten Tage“-Anträge zu stellen, um Gehälter, Leistungen, Belohnungs- und Geschenkkartenprogramme fortzuführen. Die Geschäftsführung benannte Jeremy Rosenthal zum Chief Restructuring Officer; CEO Carl Bachmann und CFO Christopher E. Jones leiten die Restrukturierung. Gerichtsdokumente und Ansprechpartner der Stakeholder sind über die Website des Claims-Agenten des Unternehmens zugänglich.
BurgerFi International (NASDAQ: BFI) قد قدمت طلبات طوعية لإعادة التنظيم بموجب الفصل 11 للحفاظ على قيمة العلامة التجارية واستقرار العمليات بعد انخفاض إنفاق المستهلكين بعد الجائحة وارتفاع التكاليف. ستبقى جميع مواقع BurgerFi وAnthony's الـ 144 مفتوحة وتعمل بشكل طبيعي؛ يغطي الطلب 67 موقعاً مملوكاً للشركة فقط بينما تستثنى المطاعم المملوكة للامتياز. أغلقت الشركة 19 متجرًا مملوكًا للشركة دون أداء كجزء من مواءمة البصمة وتخطط لطلب الإجراءات المعتادة لـ"اليوم الأول" لاستمرار الرواتب والمزايا وبرامج المكافآت وبطاقات الهدايا. عينت الإدارة Jeremy Rosenthal كـ Chief Restructuring Officer؛ بينما يقود التحول المدير التنفيذي Carl Bachmann والمدير المالي Christopher E. Jones. الوثائق القضائية واتصالات أصحاب المصلحة متاحة عبر موقع وكيل المطالبات الخاص بالشركة.
- All 144 locations remain open and operating
- Bankruptcy filing limited to 67 corporate-owned locations
- Closed 19 underperforming corporate stores to cut costs
- Seeking first‑day relief to continue payroll, benefits and guest programs
- Filed voluntary Chapter 11 reorganization for corporate operations
- Company cited a drastic decline in post‑pandemic consumer spending
- Management reported declining same‑store sales and high turnover
Insights
BurgerFi filed Chapter 11 for reorganization while keeping all 144 locations open and continuing operations.
The company filed voluntary petitions for reorganization under Chapter 11 and limited the filing to its 67 corporate-owned locations while excluding franchisee-owned units; it seeks customary "first day" relief to keep wages, benefits, guest rewards and gift cards operational.
Reorganization will focus on stabilizing cash flow and securing additional capital while the company pursues operational turnaround steps started within the past year; timelines depend on court approval and creditor negotiations.
Watch for court decisions on "first day" motions, filings posted at cases.stretto.com/BFI, and any announced financing or restructuring milestones over the coming 30–180 days.
All 144 BurgerFi and Anthony's locations remain open; only corporate stores are in the Chapter 11 case.
The filing covers 67 corporate-owned stores while franchisee locations remain outside the proceedings, which preserves most systemwide sales continuity and brand presence across the United States, Puerto Rico and Saudi Arabia.
Key operational risks include potential vendor, labor or franchisee disruptions despite "first day" motions; franchise continuity mitigates some downside but corporate restructuring may affect supply, marketing and capital support.
Monitor court docket entries, the company claims website and any notices to franchisees or suppliers; expect material updates within weeks to months as the restructuring and financing path becomes clear.
All 144 locations remain open and continue normal operations
FORT LAUDERDALE, Fla., Sept. 11, 2024 /PRNewswire/ -- BurgerFi International, Inc. (NASDAQ: BFI, BFIIW) ("BurgerFi" or the "Company"), owner of the high-quality, casual dining chain Anthony's Coal Fired Pizza & Wings ("Anthony's") and one of the nation's leading fast-casual "better burger" dining concepts, BurgerFi, announced today that it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in order to preserve the value of its brands for all stakeholders.
All 144 locations of the Company's two brands throughout the United States, including in Puerto Rico, and in Saudi Arabia, (both corporate-owned and franchised) will continue normal, uninterrupted operations. The Chapter 11 filing by the Company includes only the 67 corporate-owned locations of both brands. Franchisee-owned locations of BurgerFi and Anthony's Coal Fired Pizza & Wings are excluded from the bankruptcy proceedings.
"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," said Jeremy Rosenthal, Chief Restructuring Officer of BurgerFi International, Inc. "We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital."
The Board brought in Carl Bachmann as chief executive officer and Christopher E. Jones, chief financial officer in July 2023 to turnaround and strengthen the brands and operations. Faced with legacy operational challenges, they quickly developed and implemented a strategic plan to address foundational issues including declining same store sales, high employee turnover and a stale menu. As part of the turnaround efforts, the Company initiated a top-to-bottom evaluation of its operations, which is continuing.
As a result, the Company has aligned its footprint with current business standards through the closure of 19 underperforming corporate-owned stores and reduced related operating costs. The Company's current platform is primed for success.
"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 Carl Bachmann. "We are grateful for the continued support of our loyal customers, vendors, business partners and our dedicated team members, who are the heart of the company."
The Company will be filing customary "first day" motions in the Chapter 11 cases, to ensure normal operations. These motions, subject to court approval, will enable the timely payment of employee wages and benefits, the continuation of customer programs and other relief. The expedited relief being sought by the Company includes permitting guests to continue to use rewards and gift cards at participating locations to enjoy the exceptional food and service we are proud to provide through BurgerFi and Anthony's Coal Fired Pizza & Wings.
Court filings and other documents related to the restructuring are available on a separate website administered by the Company's claims agent, Stretto, Inc. at cases.stretto.com/BFI. Stakeholders with questions can call (855) 492-7450 or (714) 881-5915 or email BurgerFiInquiries@stretto.com.
Proposed advisors to the Company are Raines Feldman Littrell LLP, Force Ten Partners, with Jeremy Rosenthal as the Company's Chief Restructuring Officer, and Sitrick And Company as strategic communications advisor to the Company.
About BurgerFi International (Nasdaq: BFI, BFIIW)
BurgerFi International, Inc. is a leading multi-brand restaurant company that develops, markets, and acquires fast-casual and premium-casual dining restaurant concepts around the world, including corporate-owned stores and franchises. BurgerFi International, Inc. is the owner and franchisor of the two following brands with a combined 144 locations.
Anthony's. Anthony's is a premium pizza and wing brand with 51 restaurants (50 corporate-owned casual restaurant locations and one dual brand franchise location), as of September 10, 2024. Known for serving fresh, never frozen and quality ingredients, Anthony's is centered around a 900-degree coal-fired oven with menu offerings including "well-done" pizza, coal-fired chicken wings, homemade meatballs, and a variety of handcrafted sandwiches and salads. Anthony's was named "The Best Pizza Chain in America" by USA Today's Great American Bites, "Top 3 Best Major Pizza Chain" by Mashed in 2021, "The Absolute Best Wings in the U.S." by Mashed in 2022, and named in "America's Favorite Restaurant Chains of 2022" by Newsweek.
BurgerFi. BurgerFi is among the nation's fast-casual better burger concepts with 93 BurgerFi restaurants (76 franchised and 17 corporate-owned) as of September 10, 2024. BurgerFi is chef-founded and committed to serving fresh, all-natural and quality food at all locations, online and via first-party and third-party deliveries. BurgerFi uses
Forward-Looking Statements
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those risks and uncertainties described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on April 10, 2024, the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission on May 16, 2024, and in any other filings made by the Company with the U.S. Securities and Exchange Commission, which are available at www.sec.gov, and the risks attendant to the bankruptcy process, including the Company's ability to obtain court approval from the Court with respect to motions or other requests made to the Court throughout the course of the Chapter 11 cases; the effects of the Chapter 11 cases, including increased legal and other professional costs; results of operations or business prospects; the effects of the Chapter 11 cases on the interests of various constituents and financial stakeholders; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 cases; objections to the Company's restructuring process or other pleadings filed that could protract the Chapter 11 cases; risks associated with third-party motions in the Chapter 11 cases; Court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general. All subsequent written and oral forward-looking statements attributable to BurgerFi or persons acting on BurgerFi's behalf are expressly qualified in their entirety by the cautionary statements included in this press release. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
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SOURCE BurgerFi International
FAQ
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How many BurgerFi locations closed as part of the turnaround before the filing?
Will BurgerFi (BFI) continue customer programs, rewards and gift cards during Chapter 11?
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