The fast food chain has filed for chapter 11 bankruptcy protection amid struggles with declining traffic and high interest rates.
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00:00Well, you may have to say goodbye to BurgerFive.
00:02The fast food chain is found for Chapter 11 bankruptcy protection amid struggles
00:07with declining traffic and high interest rates affecting the restaurant industry.
00:12The company, which went public in 2020, has reported significant financial
00:16difficulties with assets ranging from 50 million to 75 million and debts
00:21between 100 and 500 million.
00:25Despite efforts to turn around its fortunes, BurgerFive's revenue dropped
00:29to 43 million with a net loss of more than 6 million for the quarter ending
00:33April 1st and same store sales at its burger chain fell 13 percent.