Krystal Up For Sale

The Krystal Co. based in Chattanooga is seeking a buyer.

The chief executive of the 79-year-old restaurant chain known for its small square burgers said in a Wednesday statement 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 goal is “to deliver an attractive exit” for current shareholders and to establish a solid platform for our employees to further expand the brand.

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

Krystal has hired the Piper Jaffray firm to help in the search.