Casual restaurant chain Ruby Tuesday filed for Chapter 11 bankruptcy and announced that 185 of its 421 restaurants that temporarily closed this year will remain permanently closed.
According to the bankruptcy filing in a Delaware court, the company’s debt is between $100 million and $500 million.
“Today’s actions will allow us to reposition the business for long-term stability as we recover from the unprecedented impact of COVID-19,” CEO Shawn Lederman said. said in a press release earlier this week.
The following seven Ruby Tuesday restaurants in New Jersey closed this year:
- Deptford: Deptford Clements Bridge Rd.
- Full ownership : Freehold Raceway Mall
- Hamilton: 500, boul. of the market
- Lake wood: 1875 Route 70.
- May’s landing: 4403 Black horse pike
- Neptune: 3595 State Route 66.
- Phillipsburg: 1278 Route 22
It is unclear if any of the seven closures were directly related to the pandemic. According to a Business Insider report, Ruby Tuesday quietly closed 150 restaurants in the first half.
CNN also reported the company was in financial trouble even before the pandemic hit.
That leaves just five Ruby Tuesday spots in New Jersey, the company says website. They are located in Eatontown, Elizabeth, Somerset, Toms River and inside Newark Liberty International Airport.
A spokeswoman for Ruby Tuesday told NJ Advance Media that the company does not anticipate any additional closures.
“We plan to use this filing to strengthen our business by reducing liabilities and repositioning the business to be a stronger organization built for the future,” Lederman, CEO, said in the release. “We intend to move the process forward as quickly as possible.”
Ruby Tuesday was founded in 1972 in Knoxville, Tennessee.
RELATED STORIES ON RETAIL AND SHOPPING:
Please sign up now and support the local journalism YOU rely on and trust.