The Krystal Company, parent company of restaurant chain Krystal, has filed for Chapter 11 bankruptcy protection.

The Georgia-based chain cited debts of between $50 million and $100 million, according to National Restaurant News. The filing was made in the Northern District of Georgia.

The chain listed 30 creditors, including The Tombras Group media agency of Knoxville, Tennessee for $4.2 million, U.S. Foods Inc. of Rosemont, Ill. at $2.9 million and Radiant Systems of Atlanta for $560,053.

In a statement, Krystal Company said its actions were “intended to enable Krystal to establish a stronger business for the future and to achieve a restructuring in a fast and efficient manner.

"We are pleased to be ready to move toward a brighter future for the brand and have the support of our stakeholders."

As of late last year, Krystal had 318 restaurants, including 202 company-owned stores and 166 franchise locations. Its restaurants are located in nine states: Alabama, Georgia, Tennessee, Georgia, Florida, Kentucky, Mississippi, North Carolina, South Carolina, and Arkansas.