Burger King franchisee with dozens of Florida locations files for bankruptcy. Are they closing?
A Destin-based Burger King franchisee with 57 Florida and Georgia locations has filed for bankruptcy.
Consolidated Burger Holdings filed for Chapter 11 bankruptcy on April 14 in the U.S. Bankruptcy Court for the Northern District of Florida, according to court documents, pleading financial struggles from inflation and the pandemic.
The company has restaurants in Tallahassee, West Palm Beach and Naples, and more in Georgia.
"Over the past several years, and particularly as a result of the COVID-19 pandemic, the Debtors' business suffered significantly from loss of foot traffic, resulting in declining revenue without proportionate decreases in rental obligations, debt service, and other liabilities," Consolidated Burger says in the filing, which also shows declining sales and increased losses over the last two fiscal years.
Consolidated Burger has spent millions of dollars on upgrades, improvements and remodels since acquiring its stores in 2018, according to Restaurant Dive, including new HVAC systems, roofs, parking lots and parking lot lighting upgrades.
Burger King's Parent company Restaurant Brands has said it planned to spend about $2.2 billion in its "Reclaim the Flame" plan to revitalize its Burger King restaurants, CNBC reported. An expected 85% to 90% of the 7,000 Burger King restaurants in the U.S. will get the redesign by 2028, according to CNBC.
However, Burger King closed nearly 400 stores in 2023 and several large Burger King franchises have already filed for bankruptcy, the "Today" show reported. Many other restaurant chains such as Red Lobster, Hooters, Tijuana Flats, Appleby's, Cracker Barrel, and the parent company of Outback Steakhouse, Bonefish Grill, Carrabba's Italian Grill and Fleming's Prime Steakhouse & Wine Bar, also took a hit during the pandemic and the recent rise in food costs.
Consolidated Burger, which listed assets and liabilities each amounting to about $78 million, plans to continue operating its restaurants during the bankruptcy process, but is seeking to sell the company and its assets, the company says in the filing. Consolidated Burger had been seeking a buyer during the seven months prior to the bankruptcy filing.
The bankruptcy filing was the largest among Burger King franchise operators in recent years, according to QSR.com, which covers the quick-service restaurant industry.
The bankruptcy filing covers Consolidated Burger Holdings LLC, Consolidated Burger A, LLC and Consolidated Burger A, LLC, and in a first-day filing Joseph J. Luzinski, chief restructuring officer, stated that they operate 57 locations, informally grouped into Tallahassee and Southern Georgia, South Florida and the Florida panhandle, with more scattered in other cities.
Consolidated Burger Holdings lists 58 locations in Florida alone, with more in Georgia. It is unclear which locations would be affected. The website lists the following:
Apalachicola: 421 US-98
Atlantis: 6080 S. Congress Ave.
Blountstown: 20407 W. Central Ave.
Boca Raton:
175 N. Federal Highway
8175 Glades Road
Bonifay: 2024 S. Waukesha St.
Boynton Beach:
1521 Boynton Beach Blvd.
1500 SW Eighth St.
Chipley: 1698 Main St.
Crawfordville: 2185 Crawfordville Highway
Crestview: 3210 S Ferdon Blvd.
Defuniak Springs: 1303 S. Freeport Road
Delray Beach: 1820 S. Federal Highway
Destin: 751 US-98
Fort Walton Beach:
201 Mary Esther Cut Off NW
302 Racetrack Road NE
Greenacres:
6405 Lantana Road
6495 Lake Worth Road
Havana: 703 N. Main St.
Lake Park: 9031 Old Dixie Highway
Lake Worth Beach:
231 N Dixie Highway
3796 S. Congress Ave.
Marianna:
2247 FL-71
4691 US-90
Naples:
2427 Tarpon Bay Blvd.
6650 Collier Blvd.
Navarre: 8590 Navarre Parkway
Niceville: 297 E John Sims Parkway
Panama City:
109 N Tyndall Parkway
1396 W. 15th S.
3218 E. Highway 98
Panama City Beach:
11213 Front Beach Road
17112 Back Beach Road
7100 Coastal Palms Blvd.
Port St Joe: 601 Monument Ave.
Port St. Lucie: 10855 S U.S. Highway 1
Quincy: District 90, Historic District, 1951 W. Jefferson St.
Santa Rosa Beach: 3580 US-98
Shalimar: 1281 Eglin Parkway
Tallahassee:
1060 W Tennessee St.
1301 E. Park Ave.
2626 S. Monroe St.
3102 N. Monroe St.
3107 Mahan Drive
3570 Apalachee Parkway
4400 W. Tennessee St.
5020 Capital Circle SW
5500 Thomasville Road
West Palm Beach:
815 S. Congress Ave.
1210 N. Dixie Highway
1721 Belvedere Road
1760 S. Military Trail
4175 Okeechobee Blvd.
5501 Corporate Way
6903 Okeechobee Blvd.
Wewahitchka: 542 FL-71
This article originally appeared on Tallahassee Democrat: Florida Burger King bankruptcy: Franchisee files Chapter 11
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