Burger King franchisee files bankruptcy, owes $37 million
BAY COUNTY, Fla. (WMBB) – The company that holds the franchise for most of the Burger King restaurants in our area has filed for bankruptcy.
Consolidated Burger Holdings filed for Chapter 11 reorganization bankruptcy on Tuesday in federal court.
Consolidated is headquartered in Destin.
The company owns the franchise for 57 Burger King restaurants in the Panhandle and southern Georgia.
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The stores are located in Bay, Calhoun, Franklin, Gulf, Holmes, Jackson, Washington, and Walton counties.
According to the court filing, Consolidated owes creditors nearly $37 million, but only $179,000 in cash assets.
The company's apparent goal is to sell its assets through a court-supervised sale process. That could take different forms, including selling the entire franchise to someone else, selling off the stores individually. It can also break up the entire company and selling all of the buildings and equipment piecemeal.
All of the stores News 13 stopped by on Wednesday were still open.
News 13 has called and emailed Consolidated Burger's corporate office in Destin to find out what's next. But we did not get a response or reply.
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