Popular burger chain seeks bankruptcy, reorganization in Georgia. Here’s what we know.

The popular fast-food chain Krystal filed for Chapter 11 bankruptcy protection, and the restaurants remain open.

The company has 360 stores throughout the Southeast. Middle Georgia has more than 10 Krystal restaurants, six of which are located in Macon, according to its website.

The restaurant features small, square-shaped burgers that are steamed and topped with grilled onions. Outside of the South, these burgers are commonly called “sliders.”

The filing took place in the U.S. bankruptcy court in Atlanta in the Northern District of Georgia.

The company filed its petition Sunday, but because the court was closed Monday for the MLK Day federal holiday, it wasn’t announced until Tuesday. It lists liabilities between $50 million and $100 million compared with assets between $10 million and $50 million.

A company that files for Chapter 11 bankruptcy usually proposes a plan of reorganization to continue its business while paying creditors over time, according to United States Courts’ website.

In October 2019, the company announced plans to refranchise more than 100 company-owned restaurants in Alabama, Florida, Georgia, Mississippi and Tennessee, according to Nation’s Restaurant News.

Krystal announced two new senior executives in November 2019. Tim Ward took over as president and chief operating officer replacing president and CEO Paul Macaluso, and Bruce Vermilyea became the chief financial officer in the place of Berry Epley, according to a news release.

Among the largest creditors the company owes more than $4 million to The Tombras Group and more than $2 million to US Foods, Inc., according to the filing.

The Krystal Company was founded by Rodolph B. Davenport Jr. and J. Glenn Sherrill in Chattanooga, Tennessee in 1932. Its corporate office is now located in Dunwoody, Georgia.