Ruby Tuesday has filed for bankruptcy and has announced it'll be closing 185 of its over 400 restaurants for good once bankruptcy has completed. Not surprisingly, the company has blamed the covid-19 pandemic for the economic downturn and lack of
The nearly 50-year-old company filed for Chapter 11 bankruptcy protection Wednesday, with the intention of reducing its debt and operating as usual while it navigates the process. Like others, Ruby Tuesday's business declined more this year because of the temporary closure of its dining rooms that forced some locations to permanently close.
"This announcement does not mean 'Goodbye, Ruby Tuesday,'" said CEO Shawn Lederman in a statement. "Today's actions will allow us an opportunity to reposition the company for long-term stability as we recover from the unprecedented impact of Covid-19."