Consolidated Burger Holdings, a franchisee operating 57 Burger King locations in Florida and Georgia, has filed for Chapter 11 bankruptcy after facing severe financial struggles over the past few years. The company reported a decline in sales caused by reduced foot traffic, with sales falling from $76.6 million to $67 million year-over-year, alongside increasing operational losses. Despite these challenges, the franchisee intends to keep its locations running during the bankruptcy process while seeking a buyer and has approximately $78 million in listed assets.
Consolidated Burger Holdings filed for Chapter 11 bankruptcy, citing significant revenue declines and operational losses exacerbated by COVID-19 and industry headwinds.
Over the past several years, the business suffered significantly due to loss of foot traffic, leading to declining revenue alongside fixed rental and debt obligations.
Collection
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