New York (CNN Business) Krystal, a popular fast food chain in the southeastern United States, has filed for bankruptcy.

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.

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.

"These challenges (together with company-specific business challenges) have resulted in deteriorating financial performance," wrote Jonathan Tibus, Krystal's chief restructuring officer.

Krystal filed for Chapter 11 on Sunday in Atlanta, where the company is based. 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.

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