Saturday, November 5, 2022

[UPDATE] Baby Burger Business Seeks Buyer

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 second to 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 case you have not been following restaurant and franchise news over the past couple of years, BurgerIM has become one of the biggest business busts of all time.... although this former Toco Hills neighbor is a close second, locally.   BurgerIM founder Oren Loni shut down the business and reportedly fled the country in 2019 only to re-emerge earlier this year to defend himself against charges filed earlier this February by the US Federal Trade Commission (FTC).  

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, Midtown, Stockbridge and Bonaire near Warner Robins.  One location at The Forum on Peachtree Parkway in Peachtree Corners remains open.  

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?

Please share your thoughts below.  


Anonymous said...

The shopping center is called Toco Hill. It's not plural.

Anonymous said...

For many years, it was actually two separate shopping centers, with Toco Properties owning the Kroger end (Toco Hill), and Edens owning the Publix end (Toco Hills Promenade). There may have
also been a third owner of the middle section.

Edens now has two brochures: one for "Toco Hills Promenade", and another for "Toco Hills Shopping Center". The one for "Toco Hills Shopping Center" has a large photo featuring the relocated "Toco Hill" (no "S") sign. So maybe they are trying to gradually phase out "Hill" in favor of "Hills". Either that, or it's an incredible lack of attention to detail on their part.

Anonymous said...

Go to the landlord's site. It's called Toco HillS Shopping Center. Get a hobby!

Anonymous said...

Go to Eden’s Website. It is marketed as Toco Hills.

Anonymous said...

We tried the burgers during Covid, so I’m not sure they were up to their best. But we were so disappointed we decided not to spend our $$ there again. In an oversaturated burger market this place was a bust.

Anonymous said...

I tried burger I am in dunwoody a couple of times. On my first try the burger was not terrible but nowhere near remarkable at all and the second time I tried to chicken, and the chicken was fabulous. Go figure, the burger place has great chicken better than the burgers.

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