Krystal, the nation's second-oldest fast food chain, files for Chapter 11 bankruptcy

Beloved southern fast-food chain, Krystal, has filed for Chapter 11 bankruptcy protection. This bankruptcy will be the company's second filing in 23 years.

The brand, known for its square-like mini burgers, announced its decision in a court filing on Monday as part of a move to reorganize its finances under the protection of the U.S. Bankruptcy Court in Northern Georgia.

According to Jonathan Tibus, the company's chief restructuring officer, "shifting consumer tastes and preferences, growth in labor and commodity costs, increased competition, and unfavorable lease terms" were some of the biggest factors that played a part in the decision.

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The documents revealed the company has $50 million to $100 million in debts. To date, the chain has closed nearly 50 locations, including 13 on Dec. 15, to boost its finances.

The company operates in 10 states, Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennesse, and has more than 6,500 employees. There is no word yet if there will be more store closures.