BurgerFi Declares Bankruptcy Amid Industry Challenges 🍔

BurgerFi filed for Chapter 11 bankruptcy protection, citing “substantial doubt” about its future operations. The restaurant industry is struggling with declining traffic and rising interest rates, leading many to face similar challenges. BurgerFi was founded in 2011 and went public via a special purpose acquisition company in 2020. It later acquired Anthony’s Coal Fired Pizza & Wings. The company operates over 160 restaurants, half of which are franchises.