ATLANTA, Ga. — Iconic late night drive-thru fast food restaurant Krystal filed a petition Monday, Jan. 20, 2020 for Chapter 11 bankruptcy protection.

Founded in Chattanooga, Tennessee in 1932, Krystal has been headquartered in Dunwoody, Georgia since 2013.

According to the Chattanooga Times Free Press, Krystal Holdings, Inc. announced the news in a statement after the petition was filed in U.S. Bankruptcy Court in Georgia’s Northern District.

“The actions we are taking are intended to enable Krystal to establish a stronger business for the future and to achieve a restructuring in a fast and efficient manner,” read the statement, according to the newspaper.

Court documents said the company has $50 million to $100 million in debts, the Times Free Press and WDEF-TV reported. Company leaders have tapped Jonathan Tibus, of the consulting firm Alvarez and Marshal, to head restructuring efforts, according to the Times Free Press.

Krystal, which employs 6,500 people, has 300-plus restaurants in 10 states.