BurgerFi International Inc., owner of Anthony’s Coal Fired Pizza & Wings, has filed for Chapter 11 bankruptcy protection due to “a drastic decline” in consumer spending, the company announced today.

All 144 existing locations of BurgerFi’s two brands, including the “better burger” concept BurgerFi, remain open and will continue to operate, the Ft. Lauderdale, Florida-based company said. However, many of the 60 Anthony’s Coal Fired Pizza stores were closed earlier as part of a turnaround plan.

BurgerFi International acquired Anthony’s Coal Fired Pizza & Wings in November 2021. Pizzaiolo Anthony Bruno founded the brand in Florida in 2002 with the backing of former Miami Dolphins quarterback Dan Marino.

“BurgerFi and Anthony’s Coal Fired Pizza & Wings are dynamic and beloved brands, and in the face of a drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs, we need to stabilize the business in a structured process,” said Jeremy Rosenthal, BurgerFi’s chief restructuring officer. “We are confident that this process will allow us to protect and grow our brands and to continue the operational turnaround started less than 12 months ago and secure additional capital.”

BurgerFi International has reportedly accumulated between $50 million and $100 million in assets and as much as $500 million in debt. The company warned investors that filing for bankruptcy protection was a possibility last month after securing $2.5 million in emergency funding as part of an Emergency Protective Advance Agreement.

BurgerFi’s board brought in Carl Bachmann as CEO and Christopher E. Jones as CFO in July 2023 to turn around and strengthen the brands and operations. They put together and implemented a plan to address what BurgerFi called “foundational issues, including declining same-store sales, high employee turnover and a stale menu,” according to a press release. That included a “top-to-bottom evaluation” of operations, which is ongoing.

The company has since closed 19 underperforming corporate-owned stores and reduced related operating costs. Most recently, it closed its only Anthony’s Coal Fired Pizza & Wings store in Rhode Island yesterday. A Bethesda, Maryland store was closed four days ago. “The Company’s current platform is primed for success,” the press release states.

“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,” Bachmann said in a statement. “We are grateful for the continued support of our loyal customers, vendors, business partners and our dedicated team members, who are the heart of the company.”