KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
US burger chain BurgerFi International Inc., which once set its sights on challenging industry giant Shake Shack, has filed for Chapter 11 bankruptcy protection in Delaware.
The restaurant chain, which also owns the pizza franchise Anthony’s Coal Fired Pizza, reported assets between US$50 million (RM216.70 million) and US$100 million and debts ranging from US$100 million to US$500 million, according to court documents.
The decision to file for bankruptcy was driven by “a drastic decline in post-pandemic consumer spending amid sustained inflation and increasing food and labor costs,” said Jeremy Rosenthal, BurgerFi’s chief restructuring officer, who was hired in August, in a statement released on Wednesday.
Founded in Florida by Plaza Auto Mall founder John Rosatti, BurgerFi has expanded to operate 144 stores under its two brands. Despite the bankruptcy filing, all locations will continue normal operations. Just months before filing for bankruptcy, the brand had opened a new flagship store in New York's Manhattan.
The bankruptcy filing only involves 67 corporate-owned locations of both brands. The company plans to "continue the operational turnaround started less than 12 months ago and secure additional capital," Rosenthal added.
The case is listed as BurgerFi International Inc., 24-12017, in the US Bankruptcy Court for the District of Delaware.
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