Latest news with #ConsolidatedBurgerHoldings
Yahoo
07-05-2025
- Business
- Yahoo
Dozens of Burger King locations in bankruptcy
A Burger King franchisee with locations in Georgia and Florida is filing for bankruptcy (Mike Egerton/PA Wire) A Burger King franchisee has filed for bankruptcy, forcing the closure of dozens of locations in Florida and Georgia. Consolidated Burger Holdings, which operates 57 Burger King locations out of Destin, Florida, submitted Chapter 11 bankruptcy filings on April 14 in the US Bankruptcy Court for the Northern District of Florida, according to USA Today. The company has been dealing with financial struggles since the COVID-19 pandemic. Its 57 Burger King locations are spread from Valdosta, Georgia to Tallahassee, Florida. It also has four restaurants inside Walmart stores. '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,' the filing stated. Over the past two years, sales have declined and losses have increased. In fiscal year 2024, the company had sales of $67m and an operating loss of $12.5m. The year prior, sales were $76.6m and loss was $6.3m. The Impossible Whopper sits on a table at a Burger King restaurant in 2019 in the Brooklyn borough of New York City (Getty Images) Consolidated Burger is planning to continue operating its restaurants as it searches for a buyer for its company and assets, valued at $78m. The company had been searching for a buyer seven months before filing for bankruptcy. Burger King has been facing its own financial struggles and is currently undergoing a rebranding, offering more comfortable chairs in stores and kiosks similar to those at McDonald's. The refurb is set to cost $2.2bn, with approximately 85 percent to 90 percent of stores getting a new look. Its parent company is Restaurant Brands, which owns Tim Hortons, Popeyes and Firehouse Subs.
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
Dozens of Major Fast Food Locations at Risk of Closure After $37 Million Bankruptcy
If you're a fan of Burger King and happen to live in Florida or Georgia, your go-to fast food fix may be at risk. On Monday, April 14, Consolidated Burger Holdings, one of Burger King's largest franchisees with 57 locations, filed for Chapter 11 bankruptcy protection. The company, operating out of Destin, Florida, owes creditors nearly $37 million, according to several reports. "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 Holdings shared in the filing, per USA Today. "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," the filing to filing for bankruptcy, Consolidated Burger Holdings had been seeking a buyer for their locations for seven months. As it stands, the 57 restaurants will continue operating amid the bankruptcy while actively seeking new ownership. According to Consolidated Burger Holdings' Chief Restructuring Officer, Joseph Luzinski, 'recent increases in costs of shipping and food, decreased availability of labor and inflation' are to blame for the company's steady decline. Unfortunately, Consolidated Burger Holdings isn't the first Burger King franchisee to file for bankruptcy. Take TOMS King Holdings LLC, for example. The company owned 90 Burger King restaurants across Illinois, Ohio, Pennsylvania, Virginia, and North Carolina. They filed for bankruptcy in January 2023 due to major debt and poor performance. Since then, many of the locations were sold or closed. Meridian Restaurants Unlimited, which operated 100 Burger King restaurants in Minnesota, Kansas, and Nebraska, also filed for bankruptcy in March 2023.
Yahoo
17-04-2025
- Business
- Yahoo
Dozens of Burger King locations in bankruptcy
A Burger King franchisee has filed for bankruptcy, forcing the closure of dozens of locations in Florida and Georgia. Consolidated Burger Holdings, which operates 57 Burger King locations out of Destin, Florida, submitted Chapter 11 bankruptcy filings on April 14 in the US Bankruptcy Court for the Northern District of Florida, according to USA Today. The company has been dealing with financial struggles since the COVID-19 pandemic. Its 57 Burger King locations are spread from Valdosta, Georgia to Tallahassee, Florida. It also has four restaurants inside Walmart stores. '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,' the filing stated. Over the past two years, sales have declined and losses have increased. In fiscal year 2024, the company had sales of $67m and an operating loss of $12.5m. The year prior, sales were $76.6m and loss was $6.3m. Consolidated Burger is planning to continue operating its restaurants as it searches for a buyer for its company and assets, valued at $78m. The company had been searching for a buyer seven months before filing for bankruptcy. Burger King has been facing its own financial struggles and is currently undergoing a rebranding, offering more comfortable chairs in stores and kiosks similar to those at McDonald's. The refurb is set to cost $2.2bn, with approximately 85 percent to 90 percent of stores getting a new look. Its parent company is Restaurant Brands, which owns Tim Hortons, Popeyes and Firehouse Subs.
