Wednesday, 26 January 2022

Ruby Tuesday, hit by COVID, files for bankruptcy

Image credit: Alamy

The Maryville, Tennessee-based company, which was founded in 1972, said on Wednesday that its restaurants will remain open throughout the bankruptcy process. Ruby Tuesday has 250 company-owned and franchised restaurants in the U.S., Canada and nine other countries, including Hong Kong, Chile and Kuwait.

“This announcement does not mean ‘Goodbye, Ruby Tuesday,'” CEO Shawn Lederman said 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.”

Ruby Tuesday is known for its salad bar, which could be a difficult sell in a post-pandemic world. But it’s also dealing with longer term changes in the market that have hurt other casual chains. Even before the virus hit, sit-down restaurants were struggling as more consumers opted for delivery and carryout. Restaurants, still clawing their way back from the recession a decade ago, had little cash to update their aging stores.

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