A national chain of casual family-friendly restaurants that has been hit particularly hard by the pandemic has declared bankruptcy.
According to Patrick Maguire of Maguire Promotions & Hospitality Consulting, Ruby Tuesday filed for Chapter 11 Bankruptcy today, with an article from the Restaurant Business site stating that the Tennessee-based company has nearly $43 million in senior debt as well as other liabilities including $19 million that is owed to utility companies, landlords, and other vendors. The post says that the chain has closed nearly 300 locations over the past three years (including 185 during the pandemic), leaving 250 remaining, including a couple locally in Taunton and Wrentham.
CEO Shawn Lederman indicates that the chain now hopes to restructure, saying that "The announcement does not mean 'goodbye Ruby Tuesday.'....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." (The article points out that the chain has been hurt by the fact that 90% of its sales comes from dine-in business.)
In-depth news coverage of the Greater Boston Area.
The website for Ruby Tuesday (which first started out in 1972) is at http://www.rubytuesday.com/
by Marc Hurwitz
Also follow us on Twitter at @hiddenboston
[A related post from our sister site (Boston's Hidden Restaurants): List of Restaurant Closings and Openings in the Boston Area]
Please help keep Boston Restaurant Talk and Boston's Hidden Restaurants going by making a one-time contribution or via a monthly subscription. Thanks! (Donations are non-deductible.)
|Option 1 : $1.00 USD - monthlyOption 2 : $5.00 USD - monthlyOption 3 : $10.00 USD - monthly|