Burger King franchisee with 57 locations in Florida and Georgia files for bankruptcy
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US corporate bankruptcies hit highest level since Great Recession
The first three months of 2025 saw the highest number of companies filing for bankruptcy in the U.S. since 2010.
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A Burger King franchisee with more than four dozen restaurants across Florida and Georgia has filed for bankruptcy.
Consolidated Burger Holdings of Destin, Florida, which operates 57 Burger King locations, filed for Chapter 11 bankruptcy on April 14 in the U.S. Bankruptcy Court for the Northern District of Florida, according to court documents.
Consolidated Burger Holdings' 57 restaurants include locations in Valdosta, Georgia, as well as Florida restaurants in Tallahassee, West Palm Beach and Naples – four of its restaurants are within Walmart stores.
The franchisee has faced financial struggles. "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.
Sales have declined and losses have increased over the last two fiscal years, they state in court documents. Consolidated Burger had sales of $67 million and an operating loss of $12.5 million in fiscal year 2024; the previous year: $76.6 million in sales and a net operating loss of $6.3 million.
"The Debtors have faced significant hurdles resulting from industry headwinds which, combined with the Debtors' highly leveraged balance sheet, have significantly challenged the Debtors' business and depleted their liquidity," Consolidated Burger says in court documents.
Is Consolidated Burger closing its Burger King locations?
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.
McDonald's: When are Snack Wraps coming back? Fast-food chain drops new clue.
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.
Who is Burger King's parent company?
In 2024, Burger King spent about $1 billion to acquire Carrols, its largest franchisee, as part of a brand turnaround, and has been remodeling some restaurants with a new "Sizzle" look including indoor-ordering kiosks and more comfortable seating, NBC News reported.
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.
In 2024, Restaurant Brands, which also owns Tim Hortons, Popeyes and Firehouse Subs, reported $8.4 billion in revenue, an increase of 19.7%.
Mike Snider is a reporter on USA TODAY's Trending team. You can follow him on Threads, Bluesky, X and email him at mikegsnider & @mikegsnider.bsky.social & @mikesnider & msnider@usatoday.com.
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