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Fast food chain Krystal files for bankruptcy

Krystal restaurant

(CNN) -- Krystal, a popular burger chain in the Southeast, has filed for Chapter 11 bankruptcy.

Krystal was founded in Chattanooga and first opened in 1932.

For now, its 318 restaurants will continue to operate, business as usual.

Krystal executives blame increasing competition, shifting consumer tastes and the rise of online delivery platforms.

In a statement released Monday, the company says it is hoping the Chapter 11 filing will enable the burger chain to reorganize.

Krystal Holdings is reporting debts of between $50 million and $100 million.

The company hopes to emerge from bankruptcy stronger and more efficient.

Krystal recently relocated its headquarters to Atlanta.

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