BurgerFi, facing significant financial challenges, is exploring bankruptcy after reporting losses exceeding $18 million, affected by high operating expenses and decreased income.
Despite an award-winning reputation, BurgerFi's financial struggles have been ongoing, marked by a $100 million buyout and subsequent lawsuits from dissatisfied investors.
The company has shuttered over 20 locations since early 2023 and, despite attempts to recover under new leadership, remains unable to stabilize financial performance.
BurgerFi's financial woes include unmet liquidity in loans totaling over $55 million, leading to a critical juncture as they consider restructuring via bankruptcy.
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