12:09 PM EDT, 09/11/2024 (MT Newswires) -- BurgerFi International ( BFI ) said Wednesday it has filed for Chapter 11 bankruptcy protection that will involve only the 67 corporate-owned locations of its brands.

Excluded from the bankruptcy proceedings are franchisee-owned locations of BurgerFi ( BFI ) and Anthony's Coal Fired Pizza & Wings, the company said.

The company said the brands' combined 144 locations remain open and continue to operate normally.

BurgerFi International ( BFI ) said that to ensure normal operations, it will file "first day" motions in the Chapter 11 cases.

Shares of the company were slumping 20% in recent trading.

Price: 0.15, Change: -0.04, Percent Change: -19.79