New York (CNN Business)Casual dining chain Ruby Tuesday has filed for bankruptcy, overcome by the financial pressures brought on by the pandemic.
The nearly 50-year-old company filed for Chapter 11 bankruptcy protection Wednesday, with the intention of reducing its debt and operating as usual while it navigates the process. Like others, Ruby Tuesday’s business declined more this year because of the temporary closure of its dining rooms that forced some locations to permanently close.
“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.”