Casual dining restaurant chain Ruby Tuesday filed for bankruptcy Wednesday, citing the "unprecedented impact" of the COVID-19 pandemic. The company said it has reached an understanding with its lenders to support its financial restructuring, which it plans to use strengthen its business by reducing debt. The restaurants will continue to operate "business as usual" through the bankruptcy process. "This announcement does not mean 'Goodbye, Ruby Tuesday,'" said Chief Executive Shawn Lederman. "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 joins a list of companies that went bankrupt amid the pandemic, including fellow restaurant chain California Pizza Kitchen, Hertz Global Holdings Inc. (HTZ), Chesapeake Energy Corp. (CHKAQ) and J.C. Penney Co. Inc. (JCPNQ).
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 07, 2020 06:10 ET (10:10 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.