Jan. 21 (UPI) -- Georgia-based Krystal has filed for Chapter 11 bankruptcy but announced no plans for layoffs or closures at its fast-food chain.
The company filed the documents in U.S. Bankruptcy Court on Sunday.
Krystal cited a rise in competition, changing consumer tastes, difficulties finding employees and an increase in food delivery services as reasons for its financial struggles. The filing indicates the company has assets between $10 million and $50 million and liabilities between $50 million and $100 million.
"These challenges (together with company-specific challenges) have resulted in deteriorating financial performance," Krystal's Chief Restructuring Officer Jonathan Tibus wrote.
Krystal has some 182 restaurants in the South, in states including Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee. The company employs about 4,890 people.