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IPFS News Link • Economy - Economics USA
Burger King franchise with 118 restaurants files for bankruptcy after accruing debts...
• https://www.dailymail.co, By JAMES REYNOLDSA Burger King franchise with more than 100 locations nationally will close locations across six states having reportedly racked up $14mn in debt.
Meridian Restaurants Unlimited filed for bankruptcy in March, struggling with rising food costs and poor sales.
Court filings previously revealed the company was closing 27 stores in Minnesota, Utah, Montana, Kansas, Nebraska and North Dakota.
The franchisee said it was 'possible, if not likely' they would be pressed to close more stores as they negotiated rent and operational improvements with landlords.
Burger King has had to close stores across the country as owners struggle to negotiate rent and profits fall as food and wage costs soar.
Meridian previously sought approval to shut 23 restaurants at the end of March, before putting forward another four for closure in April.
The company hoped that the closure of 27 locations would be enough to ensure no more stores need to shut.
But Meridian has struggled to bring back customers since the pandemic.
The company, founded by vbDavid Harper 21 years ago in 2002, also faced rising wages for staff and rising food costs, which are ultimately pushed onto the customer.
Harper worked in a number of senior roles at pizza companies before starting his own venture.
Meridian reports to have had more than 2,500 team members.
Meridian also owns a number of Black Bear Diner locations.