/

|

BurgerFi announced Friday that bankruptcy may come soon after continued sales declines and an inability to pay off debt. The information was part of a filing to notify the SEC that the company will be late submitting its quarterly earnings report for the second quarter. BurgerFi also owns Anthony’s Coal Fired Pizza & Wings.

Due to the company defaulting on its credit agreement with TREW Capital Management, and because the forbearance period has ended, the lender now has the right to demand immediate repayment of the debt, according to an SEC filing. If BurgerFi cannot pay, the lender could take control of or sell the company’s assets to recover the money owed.