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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
