Resturant chain Ruby Tuesday is responding to a decline in sales by closing 70 stores. Forty of the outlets will close by March; others will be closed over time, and some excess property is for sale. Ruby Tuesday operates nearly 1000 restaurants overall, most of them company-owned.
restaurants: December 2008 Archives
Paige Restaurant Group filed for Chapter 11 bankruptcy this week to escape its leases. The filing was done to get the restaurant Honey out of its space in the Meatpacking district. The group, which also owns The Hill, Dune Southampton and The Event Space, is reporting otherwise steady business.
San Diego restaurant chainlet Boll Weevil closed all six company-owned locations and is filing for bankruptcy. The company, which dates to 1967, once had 19 restaurants. Boll Weevil had a history of financial trouble, including two previous bankruptcy filings and an insurance incident in 1997 that temporarily closed a dozen doors. This is the last go-round, however; the company plans a liquidation under Chapter 7 law.
