BurgerFi International down after company files for bankruptcy protection

Burgerfi International

11/09/2024 16:56

** Shares of burger chain BurgerFi International  BFI.O 
fall 18.7% to 15 cents in morning trade
    ** BFI files for  Chapter 11 bankruptcy protection in the
United States as the "Anthony's" parent struggles with weak
consumer demand for dining out, as well as higher costs of food
and labor
    ** Filing includes only 67 corporate-owned locations of both
brands, while franchisee-owned locations are excluded from the
bankruptcy proceedings
    ** Company says it has closed 19 underperforming
corporate-owned stores to cut costs as part of ongoing
turnaround plan
    ** "Despite the early positive indicators of the turnaround
plan initiated less than a year ago, the legacy challenges
facing the business necessitated today's filing" - CEO Carl
Bachmann
    ** All 144 locations remain open and continue normal
operations - BFI
    ** Stock down 78.9% YTD, as of last close

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))