Fort Lauderdale-Based Chain BurgerFi May File for Bankruptcy

BurgerFi, based out of Fort Lauderdale, may file for bankruptcy. BurgerFi photo

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BurgerFi, the fast-casual burger chain based out of Fort Lauderdale that owns Anthony's Coal Fired Pizza & Wings, may need to file for bankruptcy.

Founded in February 2011 in Lauderdale-by-the-Sea, Florida, the company said it had just $4.4 million on hand as of August 14 and expects to report a loss of $18.4 million for the quarter ending on July 1. In comparison, in the same quarter in 2023, the chain reported a loss of only $6 million.

According to the SEC filing from Friday, August 16, if BurgerFi "does not receive adequate relief from its senior lender" or other cash from outside providers or from selling off its assets, it "may seek protection under applicable bankruptcy laws."

click to enlarge

French fries from BurgerFi

BurgerFi photo

Since opening in Fort Lauderdale more than a decade ago, BurgerFi has grown to approximately 120 franchised and corporate-owned restaurants in 22 states, as well as in Puerto Rico and Saudi Arabia. There are currently 51 BurgerFi locations in Florida.

BurgerFi International Inc. acquired Anthony's Coal Fired Pizza & Wings on November 3, 2021. Anthony's operates 59 corporate-owned casual restaurant locations. The current state of Anthony's Coal Fired Pizza & Wings remains unknown.

The news of the potential bankruptcy filing comes just one year after BurgerFi was named the "Very Best Burger" at the 2023 edition of the South Beach Wine & Food Festival.

BurgerFi recently initiated a strategic review process and secured $2.5 million in emergency funding earlier this month. The restaurant also launched a "ChickenFi" rebrand in May to attract a wider audience.

However, the last-minute pushes may be too late. The potential filing comes during a wave of decreased spending at fast-casual restaurants across the country. Just recently, Red Lobster filed for bankruptcy.