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The fast-casual burger chain BurgerFi is struggling and may have to declare bankruptcy in the near future. The company said in an SEC filing that it expects to report a loss of $18.4 million for the quarter ending July 1. In the same quarter last year, the burger chain reported a $6 million loss.
The company warned investors that it has just $4.4 million cash on hand as of August 14 and may be forced to "seek protection under applicable bankruptcy laws" if it does receive an influx of money.
BurgerFi said it is unsure if it will be able to continue to keep its 102 restaurants around the country open. BurgerFi also operates 60 Anthony's Coal-Fired Pizza restaurants, which are also in danger of closing.
BurgerFi joins the growing list of restaurants struggling as high inflation has cut into consumers' budgets. As costs have gone up, many consumers are choosing to stay away from fast food and fast-casual restaurants, such as Boston Market, Red Lobster, Pizza Hut, Buca di Beppo, TGI Fridays, Popeyes, Tijuana Flats, Cracker Barrel, and Applebee's.