Someone call Matty Matheson — this burger joint is in dire need of fixing. BurgerFiBFI

, the fast-casual burger chain that also owns Anthony’s Coal Fired Pizza, is facing a severe cash crunch that could force it to file for bankruptcy protection, underscoring the challenges faced by quick-service restaurants in recent months. With just $4.4M in cash as of Aug. 14 and an expected loss of $18.4M for the quarter ending Jul. 1 — a stark contrast to the $6M loss reported in the same quarter last year — BurgerFi is running out of options.

• BurgerFi cited store closures and rising food prices (especially chicken wings) as reasons for its declining sales — and higher wages, which have driven up operating expenses.
• The stock has plummeted over 70 % year-to-date, trading at just 25 cents — and has fallen nearly 100% since going public via a SPAC in 2020. Down goes another one.

No, chef: The first half of 2024 has been a trying time for the restaurant sector, with growing labor and operating costs coupled with declining traffic. Several casual chains — such as TGI Fridays, Hooters, and Denny’s — have closed underperforming locations. Others, including Red Lobster, Rubio’s, Tijuana Flats, and Sticky’s Finger Joint, have filed for bankruptcy and restructuring. Last week, Subway called for an “emergency” meeting with its franchisees to discuss the sharp decline in sales. And with the latest trend of aggressive discounts to attract shoppers again, the restaurant industry’s slim margins are likely to thin out even more.