By Becky Billingsley
Tuesday, April 2, 2013, Murrells Inlet – A fast food franchise hamburger restaurant that opened in 2005 in Murrells Inlet has closed.
Krystal Hamburgers, which opened its first and only Grand Strand location in 2005 at 3120 U.S. 17 Business in Murrells Inlet, closed for good on Sunday, a staff member confirmed today.
The freestanding restaurant is listed for sale at businessbroker.net for $350,000.
Famous for its small square hamburgers, Krystal was founded in 1932 in Chattanooga, Tenn., by Rody Davenport Jr. and J. Glenn Sherrill, according to the company website. Today it has more than 350 locations throughout the southeast, and its owner, Argonne Capital Group, is moving the company headquarters this spring from Chattanooga to Atlanta.
According to the International Directory of Company Histories, in 1969 the families owning Krystal founded DavCo Foods, and that division of Krystal opened the first Wendy’s franchise in 1976. In 1982 Krystal bought a restaurant chain called Po Folks, which became a public company that acquired DavCo.
Krystal began franchising in 1990, made a public stock offering in 1992 and filed for Chapter 11 bankruptcy protection in 1995, due in part to class action employee lawsuits over unpaid overtime. In 1997 an investor group called Port Royal Holdings acquired Krystal.
In March 2012 the Times Free Press reported that the company was sold in an “estimated $175 million deal” to Atlanta-based Argonne Capital Group.