BurgerFi, a restaurant chain, seeks bankruptcy protection under Chapter 11.

• Chapter 11 bankruptcy filings by BurgerFi add to the growing list of restaurant chains seeking to restructure their businesses.
• The burger chain and Anthony's Coal Fired Pizza & Wings are owned by the same company.
• In 2020, BurgerFi became public through a deal with a special purpose acquisition company.

On Tuesday, the company filed for Chapter 11 bankruptcy protection, just a month after it informed investors of its "substantial doubt" about its ability to continue operating.

The restaurant industry is facing challenges with declining traffic and high interest rates, leading to bankruptcy for chains such as Red Lobster and Buca di Beppo.

In 2011, BurgerFi was founded, known for its superior burgers. The company went public in 2020 through a special purpose acquisition company deal, which was a popular alternative to a traditional IPO due to its speed and reduced regulatory scrutiny. Later, BurgerFi acquired Anthony's Coal Fired Pizza & Wings for $156.6 million.

According to a bankruptcy filing, BurgerFi has total assets of $50 million to $75 million and total debts of $100 million to $500 million.

In the quarter ending April 1, BurgerFi reported revenue of $42.9 million and a net loss of $6.5 million. Its namesake burger chain experienced a 13% decline in same-store sales.

The company has 162 restaurants, with about half being operated by franchisees, as of April 1.