Ruby Tuesday filed for bankruptcy protection on Wednesday, citing the “unprecedented impact” of the coronavirus pandemic. The casual dining chain said it would use the Chapter 11 process to cut debt and buttress its financial position. Ruby Tuesday expects to keep its restaurants open during the bankruptcy process, which it intends to emerge from “as quickly as possible.”“This announcement does not mean ‘Goodbye, Ruby Tuesday,’” the company’s chief executive, Shawn Lederman, said in a statement. Virus restrictions forced businesses to shut down for long periods and reopen with reduced capacity, prompting a number of chains to file for bankruptcy protection, including Chuck. E Cheese, California Pizza Kitchen and NPC International, the largest franchisee of Pizza Hut in the United States.

Source: International New York Times October 08, 2020 09:00 UTC