Ruby Tuesday files for Chapter 11 bankruptcy, citing ‘unprecedented impact’ of COVID-19

Ruby Tuesday will permanently close 185 stores that had shut their doors during the pandemic, leaving 236 operating locations

Maryville, Tenn.-based casual-dining restaurant chain Ruby Tuesday on Wednesday filed for Chapter 11 bankruptcy protection, citing the “unprecedented impact” of the COVID-19 on their business.

The NRD Capital Management-owned chain will be closing 185 stores that had been temporarily shuttered during the pandemic, or almost one third of the restaurant chain’s unit portfolio. The remaining 236 company-owned restaurants will operate as usual while Ruby Tuesday uses the filing to “strengthen its business by reducing liabilities and emerge a stronger organization built for the future.” As of Wednesday, the company also had 7,000 company-wide furloughed employees as a result of the store closures...

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RSK: The slow slaughter begins. Ruby joins Golden Corral in filing for bankruptcy. This is only the beginning. Many more before end of the year. Unless you have a good product for drive thru or pick-up delivery you may not make it until then.



- - Volume: 8 - WEEK: 42 Date: 10/13/2020 7:55:42 AM -