Georgia based fast-food chain Krystal has filed for Chapter 11 bankruptcy protection.
Krystal filed the Chapter 11 petition in federal bankruptcy court in Northern Georgia on Sunday, January 19, 2020, CBS news reported Tuesday.
The company listed debts ranging from $50 million to $100 million.
According to the filing, the brand indicated it will continue to operate restaurants while it works to restructure its debts.
On January 16, 2020, the brand took to Twitter to announce the opening of its newest Krystal location in Saltillo, MS at 118 Turner Park Rd.
Our newest Krystal location in Saltillo, MS at 118 Turner Park Rd. is now open! Stop by and say hello! pic.twitter.com/Uml7I7frLh
— Krystal (@Krystal) January 16, 2020
Founded in Chattanooga in 1932, the chain currently operates around 300 restaurants across nine states.
Image – Twitter/Krystal