Ruby Tuesday announced on Wednesday it has filed for Chapter 11 bankruptcy protection in Wilmington.
“This announcement does not mean ‘Goodbye, Ruby Tuesday’ but ‘Hello, to a stronger Ruby Tuesday’. We very much appreciate your continued support and love for Ruby Tuesday since 1972,” the CEO of the company wrote. (See below).
The chain has kept restaurants open in Bear, Pike Creek, Milford, and Middletown, while closing 150 other locations this year.
The chain, like many that emerged in the 1960s and ’70s, has faced challenges in a changing and brutally competitive casual dining business that relies on aggressive discounting.
Despite, a trend away from salad bars, the dining option became a mainstay with Ruby Tuesday, which got its name from a popular Rolling Stones.song from 1966. Salad bars have since fallen victim to coronavirus sanitation requirements that have largely banned self-serve buffets.