The restaurant chain has permanently closed more than 600 locations in the past decade, with 209 remaining when it emerged from Chapter 11 bankruptcy early last year. The long-term future of the company remains in doubt.
This article is based on corporate publications and reputable media reports. All information linked within this article is fully attributed to the following outlets: Wikipedia.org, RubyTuesday.com, BusinessWire.com, and RestaurantBusinessOnline.com.
The Ruby Tuesday chain’s Wikipedia page offers a historical perspective on the once-venerable restaurant that was founded in 1972 and has recently faced notable business challenges: Ruby Tuesday filed for Chapter 11 bankruptcy protection on Wednesday, October 7, 2020, stating that it will permanently close 185 restaurants that had closed during the COVID-19 pandemic. After the closures, the company would have 236 company-owned and operated locations, as well as an undisclosed number of locations managed by 10 franchise groups. Ruby Tuesday emerged from bankruptcy on February 24, 2021, Ruby Tuesday emerged from Chapter 11 Bankruptcy, with 209 restaurants, closing more restaurants than initially planned.
A February 2021 RestaurantBusinessOnline.com article excerpted from there. The article, titled “A Much Smaller Ruby Tuesday Emerges From Bankruptcy,” read as follows: At the end of 2019, Ruby Tuesday operated 451 locations. But it operated 840 locations a decade ago, according to data from Restaurant Business’ sister company Technomic.
The question becomes the longevity of the chain: Will it hold up? And if so, for how long?
Let’s explore more.
Ruby Tuesday, 2022
A year after the company’s bankruptcy, Ruby Tuesday issued a press release announcing a new menu with fanfare and the beginning of a rebranding attempt: Ruby Tuesday has declared February 22, 2022 as the best of all Tuesdays (“The GOAT”) to celebrate an all-new menu, with $2 specials available throughout the day. As part of the “Day of 2” celebration, guests visiting on February 22, 2022 can enjoy $2 Mini-Margaritas, $2 Domestic Draft Beers, $2 Ruby Relaxers, as well as Garden Bar Add-ons and desserts for just $2 each with the purchase of an entrée.
Time will tell if the fanfare achieves the desired effect.
In the meantime, the company seems intent on staying in business and reclaiming its place as a perennial brand. See here for more on the Ruby Tuesday story, on the company’s website: From that first restaurant near the University of Tennessee campus in 1972 to more than 600 restaurants in the United States and around the world, Ruby Tuesday grew to become part of a large public food service company in 1982, to be his own independent company, publicly traded company in 1996, and on the way to becoming one of the best known and most loved brands in casual dining.
Tal represents the public face of the company. Although the parent entity, Ruby Tuesday Inc. (RTI) no longer operates 600 restaurants, the story remains.
For now, the remaining locations of the Ruby Tuesday chain remain open, according to official words from the company. However, like Friendly’s, which I previously wrote about for NewsBreak, this restaurant is worthy of attention, as economists and various media outlets continue to question the company’s longevity.
Thank you for reading.