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• The Chattanooga Times Free Press reports that Krystal, the nation's second oldest fast food chain, has filed for bankruptcy protection, saying that it has debts of between $50 million and $100 million.

The chain has more than 300 restaurants in the southeast US. The story notes that Krystal's filing "came just two months after the company announced a new executive team and hired an investment firm to try to franchise 100 to 150 of the Krystal units to other owners … The restaurant chain will continue to operate its fast-food restaurants, including more than two dozen in the Chattanooga market, while it restructures its debt and pays off creditors in the bankruptcy proceedings."

The story notes that "Monday's bankruptcy filing comes 23 years after Krystal filed for bankruptcy in 1997 due to millions of dollars of employee claims for unpaid overtime. Krystal was acquired from bankruptcy at that time by Port Royal Holdings in a $145 million deal. The company was later sold and relocated its headquarters from Chattanooga to Atlanta in 2013 when it was purchased by the private equity firm Argonne Capital."
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