DUNWOODY, Georgia (WDEF) – The Krystal Company, which was founded in Chattanooga, has filed for Chapter 11 bankruptcy.
The company filed the petition on Sunday in Dunwoody, Georgia, where they are now located.
The company cites debts between $50 and $100 million dollars.
In the last couple of years, the south’s oldest fast food chain had begun trying a new, smaller restaurant model.
They also have tried to refranchise more than 100 company owner locations, and closing under-performing ones like the restaurant on Brainerd Road.
But the CEO overseeing those projects suddenly left the company last fall in a management shakeup.
Krystal operates more than 300 restaurants in nine states.
The company was originally founded in Chattanooga in 1932.