BurgerFi Finds New Owner Following Bankruptcy, Long Island’s Location Remains Open
BurgerFi, the fast-casual burger chain with one remaining location on Long Island, has been acquired by Happy Asker, CEO and co-founder of the Michigan-based parent company behind Savvy Sliders, Fat Boy’s Pizza, and Happy’s Pizza. The deal marks a new chapter for the struggling brand, which filed for Chapter 11 bankruptcy earlier this year.
The acquisition, finalized on Friday, comes after BurgerFi was purchased out of bankruptcy by its lender, TREW Capital Management, in October through a $10 million credit bid. At the time of the sale, the chain operated 93 locations, down from its peak of 102 earlier this year. Of the current locations, 17 are company-owned, and 76 are franchised.
BurgerFi’s financial challenges became public earlier this year when the company defaulted on its credit agreement and announced plans to close underperforming locations. This included 14 closures in 2023 and eight in the first quarter of 2024. Despite restructuring efforts, the parent company, BurgerFi International Inc. (BFI), filed for Chapter 11 bankruptcy in September, citing $500 million in liabilities.
Asker confirmed the acquisition but did not provide further details, noting that a more formal announcement is expected next week. Under his leadership, BurgerFi will join the portfolio of growing franchise brands, including Savvy Sliders, which has been listed as an emerging brand with $47 million in systemwide sales in 2023.
The sale also marks the split of BurgerFi from its former sister brand, Anthony’s Coal Fired Pizza, which was sold earlier this month to Florida Burger Inc., a group led by franchisee Kuljeet Singh.
The acquisition could signal a turnaround opportunity for BurgerFi, which has faced significant challenges since its reverse merger in 2020. The sole remaining Long Island location at 6234 Jericho Turnpike in Commack remains operational, providing a glimpse of hope for loyal fans of the brand in the area.
For more on BurgerFi’s financial journey, read our previous coverage:
- BurgerFi’s Parent Company Files for Bankruptcy Amid Financial Struggles, What’s Next for Long Island’s Last Location?
- BurgerFi’s Parent Company Faces Potential Bankruptcy Amid Financial Struggles
Photo: Google Maps.
