The owners of a well-known classic restaurant chain announced Wednesday that they have filed for bankruptcy.
Ruby Tuesday announced the company has filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code, according to Businesswire.
There are two remaining Ruby Tuesday restaurants in western Pennsylvania: New Castle and Indiana.
As company officials said, this 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,” Ruby Tuesday’s CEO Shawn Lederman said in a statement. “Our restructuring demonstrates a commitment to Ruby Tuesday’s future viability as we work to preserve thousands of team member jobs.”
According to Businesswire, the casual-dining restaurant plans to strengthen its business and emerge from the bankruptcy process as quickly as possible. Its restaurants are expected to continue operating “business as usual’ during the process.
“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,” Lederman said.
He added this is a critical step in ensuring the long-term financial health of the company, founded in 1972 in Knoxville, Tenn.
