Ruby Tuesday Emerges From Bankruptcy
Casual dining chain Ruby Tuesday has said on that it has emerged from bankruptcy, nearly five months after it filed for Chapter 11 protection as restrictions due to the COVID-19 pandemic halted dine-in operations.
The restaurant chain, which is known for its classic American burgers and steaks, said that the bankruptcy allowed it to shed liabilities, including leases from closed locations that were impacted by the health crisis and focus on 209 company-owned locations.
"Ruby Tuesday is a healthier company now and is positioned to be more efficient, competitive and stable for the future," CEO Shawn Lederman said.
The company said that it will focus on developing "delivery-only" brands and increase its off-premise presence, as consumers are still wary of contracting COVID-19 and choosing to order online and have food delivered to their doorstep.
The chain, founded nearly half a century ago, had struggled even before the pandemic due to increasing competition and as fewer people chose to dine at full-service restaurants.