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Ruby Tuesday, hit by COVID closures, files for bankruptcy
Read full article: Ruby Tuesday, hit by COVID closures, files for bankruptcyRuby Tuesday is filing for bankruptcy protection, the latest casual restaurant chain to suffer from coronavirus-related closures and changing consumer habits. 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. Even before the virus hit, sit-down restaurants were struggling as more consumers opted for delivery and carryout. Los Angeles-based California Pizza Kitchen filed for bankruptcy protection in July, while the parent company of the Chuck E. Cheese pizza and entertainment chain filed for bankruptcy in June.
Ruby Tuesday files for bankruptcy
Read full article: Ruby Tuesday files for bankruptcyRuby Tuesday has filed for Chapter 11 bankruptcy protection, overcome by the financial pressures brought on by the pandemic, CNN Business reports. “This announcement does not mean ‘Goodbye, Ruby Tuesday,’” said CEO Shawn Lederman 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 has closed roughly 200 locations within the past few years. To read more, click here.