The Biden and Harris administration's economic policies strike again.

On Wednesday, popular fast-food restaurant BurgerFi filed for Chapter 11 Bankruptcy.

In a statement on Wednesday, BurgerFi International announced it filed Chapter 11 reorganization to "preserve the value of its BurgerFi and Anthony's Coal Fired Pizza & Wings brands."

Chief Restructuring Officer Jeremy Rosenthal shared that BurgerFi needed to file for bankruptcy due to a "drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs."

Here's what Fox Business reported:

The number of restaurant chains that have filed for bankruptcy this year grew on Wednesday after BurgerFi International filed for Chapter 11 protection.

The company said it filed for Chapter 11 reorganization to "preserve the value" of its BurgerFi and Anthony's Coal Fired Pizza & Wings brands "for all stakeholders."

Only its corporate-owned BurgerFi and Anthony's Coal Fired Pizza & Wings restaurants are included in the bankruptcy proceedings, it said. There are 17 and 50 of those, respectively.

BurgerFi's petition was filed in the U.S. Bankruptcy Court for the District of Delaware.

Chief Restructuring Officer Jeremy Rosenthal said the company's need to file for Chapter 11 arose amid a "drastic decline in post-pandemic consumer spending amidst sustained inflation and increasing food and labor costs," according to a press release.

BurgerFi, seeking to improve its business, launched an extensive turnaround effort last year.

Per CNBC: