Latest news with #ConsolidatedBurger
Yahoo
20-04-2025
- Business
- Yahoo
Burger King franchisee with restaurants in South Georgia files for bankruptcy
You probably already know that many fast food restaurants are owned by franchises. But what happens when those companies go bankrupt? It's happening now to Consolidated Burger Holdings. After two years of declining sales, the company has filed for bankruptcy. It is based in the Florida panhandle town of Destin and operates 57 Burger King restaurants. Consolidated Burger's reach goes down to Palm Beach and up to South Florida. It will continue operating those restaurants while it looks for a buyer. The company will likely have to get more aggressive, though. It's been trying to find a buyer for seven months now. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: Driver falls asleep behind wheel, slams into GA deputy's patrol truck GA fisherman ties freshwater fish state record Husband dead, wife critical after armed robbery, shooting in Walton County [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
20-04-2025
- Business
- Yahoo
Burger King franchisee with restaurants in South Georgia files for bankruptcy
You probably already know that many fast food restaurants are owned by franchises. But what happens when those companies go bankrupt? It's happening now to Consolidated Burger Holdings. After two years of declining sales, the company has filed for bankruptcy. It is based in the Florida panhandle town of Destin and operates 57 Burger King restaurants. Consolidated Burger's reach goes down to Palm Beach and up to South Florida. It will continue operating those restaurants while it looks for a buyer. The company will likely have to get more aggressive, though. It's been trying to find a buyer for seven months now. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] TRENDING STORIES: Driver falls asleep behind wheel, slams into GA deputy's patrol truck GA fisherman ties freshwater fish state record Husband dead, wife critical after armed robbery, shooting in Walton County [SIGN UP: WSB-TV Daily Headlines Newsletter] Sign in to access your portfolio
Yahoo
18-04-2025
- Business
- Yahoo
Major Burger King franchisee files for Chapter 11 bankruptcy after closing 18 restaurants in Florida and Georgia
A major Burger King franchisee with dozens of locations has filed for Chapter 11 bankruptcy. Zillow turns full-blown housing market bear—just look at its new forecast What's behind the rise in interim CEOs Target backtracked on DEI—and was hit by boycotts. Now the CEO is meeting with Al Sharpton Consolidated Burger Holdings, based in Destin, Florida, filed the court documents this week in the U.S. Bankruptcy Court for the Northern District of Florida. The franchisee now operates 57 Burger King restaurants in Florida and Georgia, after it reportedly closed 18 locations before its Chapter 11 filing. '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 said in the filing. The documents also cited 'significant hurdles resulting from industry headwinds,' resulting in financial turbulence for the franchisee. According to the documents, sales plummeted in the past two fiscal years. In 2023, the franchisee documented $76.6 million in sales and a net operating loss of $6.3 million. Last year, sales were down to $67 million with an amplified operating loss of $12.5 million. Consolidated Burger plans to continue operating during the bankruptcy proceedings and has been seeking a buyer. It listed assets at $78 million in the court unmistakably a tough time for restaurant franchisees, between rising food costs, as well as higher labor costs and slower foot traffic—and that's before restaurant owners begin to feel the impact of Trump's tariffs. To get more customers in the door, fast food chains have been offering budget meal deals: Last year, Burger King launched a $5 meal deal promotion, similar to one McDonald's was on the whole, Burger King's sales have been moving in the right direction. According to QSR, which monitors data on quick serve restaurants, the Burger King chain itself outperformed its peers in Q4 with a 1.5% increase in same-store sales compared to 1.2% increase among year, Burger King's parent company, Restaurant Brands International (RBI), dumped more money into its ambitious restaurant remodeling plans for locations in the U.S. and Canada. RBI also bought Burger King's largest U.S. franchisee, Carrols Restaurant Group, for $1 billion to expedite the process. RBI said it planned to spend about $2.2 billion on the remodels, and said that by 2028, 85% to 90% of its roughly 7,000 restaurants will be upgraded. At the time, Burger King U.S. President Tom Curtis told CNBC about the investment, saying, 'It was the first time in a long time that RBI had invested a significant amount of capital back into the business to coinvest with franchisees.' Curtis continued, 'I think the process was, 'Let's see how this works' . . . and we're seeing early results on remodels.' This post originally appeared at to get the Fast Company newsletter: Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
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 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
USA Today
16-04-2025
- Business
- USA Today
Burger King franchisee with 57 locations in Florida and Georgia files for bankruptcy
Burger King franchisee with 57 locations in Florida and Georgia files for bankruptcy Show Caption Hide Caption 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. Straight Arrow News 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 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 & @ & @mikesnider & msnider@ What's everyone talking about? Sign up for our trending newsletter to get the latest news of the day.
