COVID's 'Unprecedented Impact' Drives Another Big Bankruptcy

Ruby Tuesday has filed for bankruptcy, partly blaming the "unprecedented impact" of the coronavirus pandemic, though it was struggling well before March. The classic American dining chain will permanently shutter 185 restaurants across the US, according to a Wednesday release. Another 236 restaurants will continue operating. "This announcement does not mean 'Goodbye, Ruby Tuesday,'" Chief Executive Shawn Lederman says, per MarketWatch, noting the company, founded in 1972, will work with lenders on financial restructuring. The pandemic hit as the chain was already hurting due to increased competition and reduced traffic at locations in malls, reports USA Today. The chain has closed some 200 locations in recent years, per CNN. (More bankruptcy stories.)