BurgerFi is in trouble and may reportedly go out of business

(Gray News) – BurgerFi, a popular fast-casual burger chain, is running out of money and, unfortunately, options.

The company said it may have to file for bankruptcy.

The Fort Lauderdale-based restaurant chain said it had cash on hand of nearly $4.4 million, according to an SEC filing. However, the company expects a loss of $18.4 million for the quarter ending July 1.

The restaurant chain said in the submission that if the company does not receive “adequate support from its senior lender” or other cash from outside providers or through the sale of its assets, it “may seek protection under applicable bankruptcy laws.”

Under the loan agreement, the company's senior lender could declare the debt immediately due and payable at any time, CNN reported.

Due to the company's difficult financial situation, BurgerFi is unsure whether it can continue operating its 60 pizzerias and 102 burger restaurants.

BurgerFi is the parent company of Anthony's Coal Fired Pizza.

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