According to news outlets, The Krystal Company filed for bankruptcy over the weekend.
Founded in Chattanooga, Tennessee, in 1932, The Krystal Company was one of the first quick-service restaurant chains in the South. It is now based in Atlanta employs approximately 7,500 employees and reports to have 320 restaurants in nine states.
According to a Krystal spokesperson,”Both company operated and franchised Krystal restaurants will remain open and operating as usual.” The statement went on to say “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.”
Krystal brought in new leadership in November of last year. Tim Ward was named president and chief operating officer, and Bruce Vermilyea was appointed chief financial officer.