Restaurant chain Ruby Tuesday Inc. filed for bankruptcy protection in Delaware as it seeks to stabilize its finances during the pandemic, Bloomberg News reported. The chapter 11 filing comes after the company reached an agreement with secured lenders to support a restructuring plan, it said in a statement today. The filing won’t affect Ruby Tuesday’s restaurants, which will operate as usual while the firm attempts to recover “from the unprecedented impact of COVID-19,” CEO Shawn Lederman said. Liabilities are estimated between $100 million and $500 million, according to the Delaware court filing. Founded in 1972, Ruby Tuesday was bought by NRD Capital Management in 2017. The brand includes more than 500 company-owned and franchised restaurants that employ almost 28,000 staff, according to Ruby Tuesday’s website. The case is Ruby Tuesday Inc., 20-12457, U.S. Bankruptcy Court, District of Delaware.
