BurgerFi International, facing bankruptcy, has closed nearly 20 underperforming locations due to rising food and labor costs, affecting fans of its brands.
In a court filing, BurgerFi stated it determined the locations as 'suboptimal performers in terms of revenue and profits,' highlighting the current industry struggles.
Despite being founded in 2011 and once thriving during the SPAC frenzy, BurgerFi stock has struggled post-IPO, trading under 25 cents after filing for Chapter 11.
The closures are part of a broader trend in the restaurant industry, where inflationary pressures and consumer hesitancy have led many chain restaurants to file for bankruptcy.
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