Ruby Tuesday filed for chapter safety on Wednesday, citing the “unprecedented affect” of the coronavirus pandemic.
The informal eating chain stated it could use the Chapter 11 course of to chop debt and buttress its monetary place. Ruby Tuesday expects to maintain its eating places open throughout the chapter course of, which it intends to emerge from “as shortly as potential.”
“This announcement doesn’t imply ‘Goodbye, Ruby Tuesday,’” the corporate’s chief government, Shawn Lederman, stated in a statement. “With this crucial step in our transformation for long-term monetary well being — that is ‘Hiya’, to a stronger Ruby Tuesday.”
The pandemic has had a very devastating affect on the hospitality industry, together with eating places, hotels and leisure corporations. Virus restrictions pressured companies to close down for lengthy durations and reopen with diminished capability, prompting various chains to file for chapter safety, together with Chuck. E Cheese, California Pizza Kitchen and NPC Worldwide, the most important franchisee of Pizza Hut in america.