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This year has been a fantastic one for a number of burger chains. Shake Shack, for example, saw impressive boosts in sales and launched a new loyalty program. Others opened new locations at a rapid pace, unveiled exciting new menu innovations, or won awards for fan-favorite burger creations.
BurgerFi secured funding to keep its restaurants operational and make it through the Chapter 11 process. Its lender then purchased the company out of bankruptcy in October for $44 million. TGI Friday’s Chapter 11 filing in the States only impacts its 39 company-owned locations, which have remained operational during the bankruptcy. The company plans to use the Chapter 11 process to restructure its finances in a bid to revive the chain.
In a November earnings call, company leaders blamed their recent challenges on a drop in consumer spending and competition from other chains that have launched enticing value promotions. Moving forward, they’re focusing on offering more full meal deals at Applebee’s to appeal to budget-conscious consumers and improve the chain’s performance.
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