A popular burger chain in the southeast has filed for chapter eleven bankruptcy. Krystal holdings is reporting debts of between $50 million and $100 million. The company filed for bankruptcy with hopes of reorganizing its chain.
Krystal executives blames the increasing competition, shifting consumer taste, and the rise of online delivery platforms. For now, the 318 restaurants will continue to operate as normal and the company hopes to emerge from bankruptcy stronger and more efficient.