DUNWOODY, Georgia (WDEF) – The Krystal Company, which was founded in Chattanooga, has filed for Chapter 11 bankruptcy.

The company filed the petition on Sunday in Dunwoody, Georgia, where they are now located.

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The company cites debts between $50 and $100 million dollars.

In the last couple of years, the south’s oldest fast food chain had begun trying a new, smaller restaurant model.

They also have tried to refranchise more than 100 company owner locations, and closing under-performing ones like the restaurant on Brainerd Road.

But the CEO overseeing those projects suddenly left the company last fall in a management shakeup.

Krystal operates more than 300 restaurants in nine states.

The company was originally founded in Chattanooga in 1932.