Krystal burger chain seeks new owner

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Associated Press

Posted on August 3, 2011 at 5:02 PM

Updated Wednesday, Aug 3 at 5:02 PM

CHATTANOOGA, Tenn. (AP) — The Krystal Co. restaurant chain known for its small square burgers is seeking a buyer.

The chief executive of the 79-year-old Chattanooga, Tenn.-based company said in a statement Wednesday that the brand is "well positioned to continue its momentum."

Krystal operates 364 company-owned and franchise restaurants in 11 states and has more than 7,000 employees.

Krystal CEO Fred Exum said the goals are "to deliver an attractive exit" for shareholders and to allow the company to expand its brand.

Port Royal Holdings purchased the company out of bankruptcy in 1997. Krystal expanded to more than 420 stores in 2002 but has since had closings and layoffs.

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