Ruby Tuesday Shutters 185 Locations, Files Bankruptcy

USA Today reports:

Hobbled by the pandemic and facing the same long-term challenges as other casual dining chains, Ruby Tuesday filed for Chapter 11 bankruptcy protection early Wednesday.

The company hopes to use the debt-cutting process to improve its finances and stay in business, saying in a statement that it had “reached an understanding with its secured lenders to support its restructuring.”

But CEO Shawn Lederman said in a court filing the company will permanently close 185 restaurants that had shut their doors during the coronavirus pandemic. That leaves the chain with 236 company-owned and operated locations, as well as an undisclosed number of locations run by 10 franchisee groups.