Burgerfi Files for Chapter 11 Bankruptcy

The fast food chain has filed for chapter 11 bankruptcy protection amid struggles with declining traffic and high interest rates.

Transcript

00:00Well, you may have to say goodbye to BurgerFive.

00:02The fast food chain is found for Chapter 11 bankruptcy protection amid struggles

00:07with declining traffic and high interest rates affecting the restaurant industry.

00:12The company, which went public in 2020, has reported significant financial

00:16difficulties with assets ranging from 50 million to 75 million and debts

00:21between 100 and 500 million.

00:25Despite efforts to turn around its fortunes, BurgerFive's revenue dropped

00:29to 43 million with a net loss of more than 6 million for the quarter ending

00:33April 1st and same store sales at its burger chain fell 13 percent.