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.
Ruby Tuesday files for Chapter 11 bankruptcy and won’t reopen 185 restaurants. Another 236 are open … for now. https://t.co/pOF3lLH5gY
— Nathan Bomey (@NathanBomey) October 7, 2020