BurgerFi files for Chapter 11 bankruptcy protection, reports say
(Gray News) - BurgerFi International filed for Chapter 11 bankruptcy on Wednesday, according to media reports.
In a filing in Delaware court, the restaurant company listed between $50 million and $100 million in assets and from $100 million to $500 million in estimated liabilities, Restaurant Business reported.
The Fort Lauderdale, Florida-based fast-casual burger chain is also a parent company to Anthony’s Coal Fired Pizza, Nation’s Restaurant News reported.
The move comes after the company warned a few weeks ago that it may need to file for bankruptcy.
In an SEC filing. it said at the time that if it “does not receive adequate relief from its senior lender” or other cash from outside providers or selling off its assets, it “may seek protection under applicable bankruptcy laws.”
As part of its credit agreement, the company’s senior lender can declare the debt due and payable immediately at any time, CNN reported.
BurgerFi operates 60 pizza stores and 102 burger restaurants.
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