Credit: Tom Sofield/LevittownNow.com
Ruby Tuesday, the restaurant chain that operates a location in Middletown Township, filed for bankruptcy protection on Wednesday.
The Tennessee-based company that is owned by NRD Capital Management plans to use 185 eateries and continue to operate 236 other locations. The locations that will close have already been temporarily shuttered due to the pandemic, according to Nation’s Restaurant News.
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In the the court filing, Ruby Tuesday noted that it had $100 million and $500 million in debt.
“We plan to use this filing to strengthen our business by reducing liabilities and reposition the company to emerge a stronger organization built for the future. We intend to move through the process as quickly as possible,” Ruby Tuesday CEO Shawn Lederman said.
“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,” he added.
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The company’s location along East Lincoln Highway in front of the Lowe’s store remained open on Wednesday evening.
Over the past few years, Ruby Tuesday closed locations in Bensalem and Warrington. The Middletown Township restaurant is the chain’s only remaining outpost in the county.
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