BurgerFi is in trouble and may go out of business, reports say
(Gray News) - BurgerFi, a popular fast-casual burger chain is running out of money, and unfortunately, options.
The company said it may need to file for bankruptcy.
The Fort Lauderdale chain restaurant said it had a cash balance of nearly $4.4 million, according to an SEC filing. However, the company expects to report a loss of $18.4 million for the quarter ending July 1.
The chain restaurant said in the filing 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.
Because of the company’s dire financial situation, BurgerFi is uncertain if it can continue to operate its 60 pizza stores and 102 burger restaurants.
BurgerFi is the parent company of Anthony’s Coal Fired Pizza.
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