Krystal

Krystal's January 2020 bankruptcy collapsed the Southern slider chain after 88 years. The company had been through multiple private equity owners, each extracting value while deferring investment. Fortress Investment Group's ownership from 2012-2018 loaded debt while closing underperforming locations. By 2020, Krystal couldn't service obligations. The chain survived bankruptcy through new ownership but operates fewer than 200 locations, a fraction of its peak.