Blackstone Leads $400 Million Funding Round in Cyera at $9 Billion Valuation 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
U.S. Dollar Slips Near Two-Month Low as Markets Await Key Jobs Data and Central Bank Decisions 
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
HSBC’s $13.6 Billion Take-Private Offer for Hang Seng Bank Gains Board Backing 
Trump Orders Blockade of Sanctioned Oil Tankers, Raising Venezuela Tensions and Oil Prices 
Asian Stocks Edge Higher as Tech Recovers, U.S. Economic Uncertainty Caps Gains 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Strategy Retains Nasdaq 100 Spot Amid Growing Scrutiny of Bitcoin Treasury Model 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes 
Japan Exports to U.S. Rebound in November as Tariff Impact Eases, Boosting BOJ Rate Hike Expectations 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
Burger King’s franchisee, TOMS King Holdings LLC, owns 90 BK fast-food outlets and is considered one of the biggest operators of the brand. However, it was revealed that its revenues continued to plummet recently; thus, it ended up filing for bankruptcy.
TOMS King said that its sales drop was made worst by the COVID-19 pandemic and recent inflation. On top of these, it also had to deal with worker shortages. These reasons were listed in its bankruptcy filing.
According to Chicago Business Journal, the said Burger King’s franchisee filed for Chapter 11 earlier this week. The company indicated in the documents that it now owes Bank of America worth $35.5 million in secured debt, and another $14 million are owed in unsecured debt to Burger King Corp., some vendors, and landlords.
TOMS King submitted the papers to the US Bankruptcy Court for the Northern District of Ohio. The filing was for a voluntary petition for relief under the Chapter 11 bankruptcy code of the United States.
As posted on its website, the company described itself as a “premier” Burger King franchisee and stated it is running more than 125 BK stores in five states. It also said that its own field service teams provide its over 2,500 employees with operations, human resources, and training support at its Restaurant Support Center located in Palatine, Illinois, as it also values the growth and advancement of its staff.
At any rate, TOMS King’s filing, known as case number 23-50001-amk is still pending and being handled by Honorable Judge Alan M. Koschik. Based on the case summary, the Burger King franchisee may restructure or sell its assets due to a drop in foot traffic in its restaurants.
Finally, it was stated that the company further blamed the rising cost of shipping and ingredients in addition to the lack of staff and inflation. The company reported $10 million to $50 million in assets but with liabilities worth $50 million to $100 million.
Photo by: Pablo de la Fuente/Unsplash
