The past decade has been brutal to some of the industry heavyweights in the restaurant space. People are switching to family-owned restaurants where they get to experience personalized services or adopt new technology such as take-out options. Since these heavy hitters can’t assume family-owned business models, the thriving restaurants are the ones that seamlessly integrated the use of technology and quick deliveries into their models. Add the global pandemic into the fray, and you’ll find that the already struggling chains either filed for bankruptcy or closed down several stores.
It’s hard to find a restaurant that was not hard hit by the pandemic. Nevertheless, Ruby Tuesday can’t sorely blame the pandemic for all its troubles since the franchise had been struggling for years. In 2010, Ruby Tuesday had stores in over 850 locations. Seven years later, the number of stores had halved, prompting the shareholders to sell the stores to NRD Capital. At any rate, the pandemic only worked to speed up Ruby Tuesday’s downward spiral, with the managing director admitting that the brand will find it hard bouncing back due to all the debt surrounding it.