Krystal fast food chain files for Chapter 11 bankruptcy protection

Georgia-based fast food chain Krystal filed a petition Monday for Chapter 11 bankruptcy protection, multiple news outlets are reporting.

The Southeastern slider chain, founded in Chattanooga, Tennessee, in 1932, announced the news in a statement after the petition was filed in U.S. Bankruptcy Court in Georgia’s Northern District.

“The actions we are taking are intended to enable Krystal to establish a stronger business for the future and to achieve a restructuring in a fast and efficient manner,” read the statement from Krystal Holdings Inc., according to the newspaper.

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