The company said it filed for Chapter 11 reorganization to "preserve the value" of its brands "for all stakeholders."
BurgerFi filed for bankruptcy, joining the growing list of restaurant chains that have turned to Chapter 11 to turn around their businesses. The company owns its namesake burger chain and Anthony's Coal Fired Pizza & Wings.
As 2024 continues to be a rough year for restaurant chains, yet another well-known brand appears to be teetering on the brink. In a filing with the Securities and Exchange Commission (SEC) on Friday, BurgerFi International reported significant recent sales drops and warned investors of a potential future bankruptcy filing.
BurgerFi International (NASDAQ: BFI ) stock is taking off on Friday after the fast-casual food company announced a settlement agreement with Lion Point Capital, LP. This will have BurgerFi International paying $1.35 million to Lion Point Capital, LP.
BurgerFi International, Inc. (NASDAQ:BFI ) Q1 2024 Earnings Conference Call May 15, 2024 8:30 AM ET Company Participants Carl Bachmann - Chief Executive Officer Chris Jones - Chief Financial Officer Conference Call Participants Peter Saleh - BTIG Operator Good morning, and thank you for participating in today's conference call to discuss BurgerFi International's Financial Results for the First Quarter Ended April 1, 2024. Joining us today are Carl Bachmann, CEO, and Chris Jones, CFO.