BUZZ-BurgerFi International down after company files for bankruptcy protection
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BurgerFi International's shares fell 18.7% to 15 cents after the company filed for Chapter 11 bankruptcy protection due to weak consumer demand and rising food and labor costs. The filing affects only 67 corporate-owned locations, excluding franchisee-owned stores. The company has closed 19 underperforming stores as part of a turnaround plan. Despite early positive indicators, CEO Carl Bachmann stated that legacy challenges led to the filing. All 144 locations remain operational, but the stock is down 78.9% year-to-date.
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