Fledgling burger franchise BurgerIM may soon be completely gone from Georgia. Local restaurant broker Steve Josovitz with The Shumacher Group is marketing the BurgerIM at Toco Hills shopping center in Atlanta for sale. According to online reports, the Toco Hills restaurant is the last BurgerIM operating in the state. The restaurant, located at 2929 North Druid Hills Road, Suite 512, opened in May 2020, just as the pandemic was causing many businesses to shut down.
In their suit, the FTC alleges that Loni and his employees enticed prospects to buy franchises with false promises, pocketing tens of millions of dollars from over 1,500 individuals. BurgerIM and Loni allegedly recruited would-be franchisees with the promise of a business that could be run with little to no experience but yield incredible returns. Many franchisees who opted to cancel their commitments and were promised refunds of their franchisee fees - a total reportedly almost $60 million - never got them.
The sales listing advertises the restaurant as "fully equipped, fully staffed & profitable. Keep burgers with a re-brand and new name or convert to any landlord [Edens] accepted concept."
According to the Toco Hills website, the BurgerIM space is just under 1,500 square feet and according to the sales listing, is rented at $6,050 monthly, "all-in." Eight years remain on the current lease.
Despite the brand's corporate struggles and limited local support, the Toco Hills outpost posted 2021 gross sales of $581,548 with a net profit of $120,877. 2022 is reportedly on track to do the same numbers as 2021, according to the sales listing. The business is priced at $225,000.
Calabasas, California-based BurgerIM locations previously closed in Georgia in Alpharetta, Dunwoody, Johns Creek, Peachtree Corners, Midtown, Stockbridge and Bonaire near Warner Robins.
Have you ever been to BurgerIM? What is your favorite burger in metro Atlanta? What would you like to see open in place of BurgerIM at Toco Hills?
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