MYRTLE BEACH, S.C. (WBTW) — A popular burger chain whose only South Carolina location is in Myrtle Beach may declare bankruptcy amid plummeting revenues, according to its most recent SEC filing.
BurgerFi, which has a location at 106 Old Sayebrook Parkway, expects to post a third quarter loss of $18.4 million against $4.4 million in revenues, according to a Friday SEC report . During the third quarter of 2023, the Fort Lauderdale-based chain saw losses of $6 million.
“Based on the Company’s liquidity position and currently as well as the Company’s current forecast of operating results and cash flows .. absent any other action, there is substantial doubt about the Company’s ability to continue to operate as a going concern, BurgerFi said in its filing.
The Company further expects that if the Company does not receive adequate relief from its senior lender and additional sufficient liquidity from potential liquidity providers or from sales of the Company’s assets to meet its current obligations, it may seek protection under applicable bankruptcy laws.”