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Krystal burgers chain files for bankruptcy
https://www.wtva.com/content/news/567164242.htmlKrystal, 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.
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.
Damn. I love those little burgers.
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