Ruby Tuesday announces bankruptcy filing. Restaurants will stay open
The Ruby Tuesday restaurant chain filed for Chapter 11 bankruptcy protection on Wednesday, the latest national brand to do so during the COVID-19 pandemic.
“The Company intends to move through the bankruptcy process as quickly as possible. Its restaurants will continue to operate ‘business as usual’ throughout the reorganization process,” the company said in a press release.
There are two Ruby Tuesday restaurants in the Bradenton area: 8306 Tourist Center Drive, University Park, and 5802 20th St. E., Ellenton.
RTI Holding Company, LLC and 50 of its affiliates each filed a petition in the United States Bankruptcy Court for the District of Delaware seeking relief under Chapter 11 of the United States Bankruptcy Code.
“This 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,” said Shawn Lederman, Ruby Tuesday’s CEO. “Our restructuring demonstrates a commitment to Ruby Tuesday’s future viability as we work to preserve thousands of team member jobs.
“Our guests can be assured that during the Chapter 11 process, we will continue to deliver welcoming service and provide a safe environment for guests and team members, while serving fresh, signature products that only Ruby Tuesday can offer. With this critical step in our transformation for long-term financial health – this is ‘Hello’, to a stronger Ruby Tuesday,” Lederman said.
Stein Mart, Tuesday Morning, J.C. Penney, Neiman Marcus, J.Crew and Stage Stores are other national brands that have filed for bankruptcy this year.
