---
title: "BUZZ-BurgerFi International down after company files for bankruptcy protection"
description: "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"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/214085965.md"
published_at: "2024-09-11T15:56:22.000Z"
---

# BUZZ-BurgerFi International down after company files for bankruptcy protection

> 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.

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

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
