Ruby Tuesday declared these days that it has filed a voluntary petition for reorganization beneath Chapter 11 of the Bankruptcy Code. Prior to its filing, the Firm achieved an knowing with its secured lenders to support its restructuring through financing and an settlement with regards to the conditions of a program that will deliver a sustainable route forward for the cafe chain. The everyday dining preferred strategies to use this submitting to bolster its enterprise by decreasing liabilities and emerge a stronger group constructed for the upcoming. The Enterprise intends to transfer via the bankruptcy process as quickly as achievable. Its places to eat will continue to work “company as regular” during the reorganization procedure.
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“This announcement does not signify ‘Goodbye, Ruby Tuesday’. Today’s steps will allow us an option to reposition the corporation for long-term balance as we recuperate from the unparalleled influence of COVID-19,” stated Shawn Lederman, Ruby Tuesday’s CEO. “Our restructuring demonstrates a dedication to Ruby Tuesday’s long run viability as we operate to maintain thousands of staff member positions. Our guests can be confident that throughout the Chapter 11 approach, we will proceed to provide welcoming provider and give a safe and sound natural environment for company and crew members, though serving contemporary, signature goods that only Ruby Tuesday can give. With this important phase in our transformation for extended-phrase money health and fitness – this is ‘Hello’, to a more robust Ruby Tuesday.”
Ruby Tuesday is suggested by Pachulski Stang Ziehl & Jones LLP as legal counsel, CR3 Partners, LLC, as fiscal advisor, FocalPoint Securities, LLC, as financial investment banker, and Hilco Serious Estate, LLC, as lease restructuring advisor.
More facts about the Company’s reorganization can be identified at https://dm.epiq11.com/RubyTuesday.
About Ruby Tuesday, Inc.
Established in 1972 in Knoxville, Tennessee, Ruby Tuesday, Inc., is focused to delighting guests with fantastic informal eating encounters that offer you uncompromising quality paired with passionate service each and every time they take a look at. From signature handcrafted burgers to the farm-developed goodness of the Infinite Back garden Bar, Ruby Tuesday is very pleased of its long-standing heritage as an American basic and intercontinental most loved for practically 50 several years. The Business presently owns, operates and franchises relaxed eating dining establishments in the United States, Guam, and 5 foreign nations around the world underneath the Ruby Tuesday® brand. For a lot more information and facts, check out www.rubytuesday.com.
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For Ruby Tuesday interviews or photos, speak to:
Meredith Hurley, [email protected]