Krystal maintained its corporate headquarters in Chattanooga from 1932 to 2013, and was owned by Argonne Capital Group from 2012 and ending in 2020 when Fortress Investment Group LLC and its operating partner, Golden Child Holdings acquired Krystal. In the late 1990s, Krystal emerged from a bankruptcy proceeding and a sale of assets that placed majority ownership outside the heirs of the founding families. Krystal's period of structural change and uncertainty in the late 1990s gave way to a successful rebirth with reported customer satisfaction and an evolving menu. Port Royal Holdings, Inc. owned the chain from 1997 to 2012, expanding the chain to a peak of over 420 locations in 11 states in 2002, before downsizing and closing dozens of locations. Ten new locations were added in 2011, 11 more in 2012–2013, and 25 more were planned for 2014 throughout the Southeast.