Krystal, a popular fast food chain in the southeastern United States, has filed for bankruptcy, citing increasing competition, shifting consumer tastes and the rise of online delivery platforms
In its filing, Krystal cited several contributing factors toward its bankruptcy: Increasing competition, shifting consumer tastes and the rise of online delivery platforms all have made it difficult for the 88-year-old brand to thrive. How tight is the job market? Taco Bell is throwing 'hiring parties'The filing also said that the tight labor market has it made it hard to find employees, and that it's not"uncommon" for quick service restaurants to have a 200% turnover rate.
The filing revealed that the company has debts between $50 million and $100 million dollars and that its restaurants will remain open during the bankruptcy process. Read More"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," a Krystal spokesperson said in a statement. The company is best known for serving hamburgers on steamed square buns.
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