Ruby Tuesday Is Bankrupt, Burdened by 2017 LBO and Covid-19
- Chain signs tentative deal to hand ownership to lenders
- Pandemic adds to woes of a business that was already hurting
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Ruby Tuesday Inc., the struggling casual restaurant chain, filed for bankruptcy Wednesday, just three years after a private-equity buyout.
The Chapter 11 filing in Delaware follows a tentative deal signed last month to hand the business to certain secured lenders, according to a court declaration. The document listed units of TCW Group Inc. and Goldman Sachs Group Inc. in that category.