Restaurant chain Ruby Tuesday filed for bankruptcy after closing one-third of its locations this year.It filed for Chapter 11 bankruptcy on October 7 in the U.S. Bankruptcy Court for the District of Delaware after a troubled year was worsened by the coronavirus pandemic. Stay at home orders and capacity restrictions hit Ruby Tuesday and other casual chains hard, many of which were already struggling. At least nine other chains have also filed for bankruptcy this year, including California Pizza Kitchen and the US arm of Le Pain Quotidien.CEO Shawn Lederman said that this is not the end of Ruby Tuesday, but instead "an opportunity to reposition the company for long-term stability."Here's how the chain went from a single restaurant in Knoxville, Tennessee where it is today. The first Ruby Tuesday was opened by 21 year old Sandy Beall in 1972, right next to the University of Tennessee in Knoxville, where he was a student. University of Tennessee.
Photo by Joe Robbins/Getty Images
Source: The New York Times
As a student, Beall managed three Pizza Hut franchises. When the owner had a heart attack, he sold the restaurants and gave Beall $10,000 in Pizza Hut stock, telling him to start his own business A Pizza Hut location, which is owned by Yum Brands Inc, is pictured ahead of their company results in Pasadena, California, U.S., July 11, 2016.
The first restaurant, now closed, was a "burger and beer joint" according to the New York Times. Foodbeast
A fraternity brother and investor suggested the name Ruby Tuesday, after the Rolling Stones song. In this March 24, 2016 file photo, members of The Rolling Stones, from left, Mick Jagger, Charlie Watts, Keith Richards and Ron Wood pose for photos from their plane at Jose Marti international airport in Havana, Cuba.
Ramon Espinosa File via AP
Beall also visited New York City to get ideas and look at potential competition, including TGI Fridays. TGI Fridays.
John Lamparski/SOPA Images/LightRocket via Getty Images
Over the first few years, Beall opened restaurants at a rate of one every nine months. Raymond Boyd/Getty Images
In 1982, Beall sold the chain to Morrison Restaurants Inc, a cafeteria and food service chain, for $15 million, and remained in charge. Ruby Tuesday.
AP Photo/Mary Altaffer, File
Source: The New York Times, Ruby Tuesday
Ruby Tuesday had more than 300 units by 1996, when parent company Morrison Restaurants Inc. split into three separate entities, one of which was Ruby Tuesday Inc, still headed by Beall. Ruby Tuesday.
Jeffrey Greenberg / Universal Images Group via Getty Images
Source: Nation's Restaurant News, The New York Times
In 2000, Ruby Tuesday Inc sold all of the other restaurant chains under the brand, leaving room to focus on building more Ruby Tuesdays. Don Bartletti/Los Angeles Times via Getty Images
By the time it turned 30 in 2002, Ruby Tuesday was the seventh largest casual dining restaurant chain in the US. Despite spending little on advertising it was competing with big names like Red Lobster and Outback Steakhouse. Rachel Askinasi/Insider
Source: Restaurant Hospitality
At that point, Ruby Tuesday specialized in large portions for inexpensive meals with a strategy of "We Feed America for Under $10." In 2001, the average lunch check was $9, and the average dinner bill was $12. Ruby Tuesday/Facebook
In 2007, just before the recession, Ruby Tuesday underwent a total redesign to a more upscale look, away from "roller skates on the wall and the bad food," Beall said. By 2009, the company had spent more than $100 million on the upgrades, including serving higher end food and offering a wider wine selection. Ruby Tuesday menu.
Source: The New York Times
Ruby Tuesday had the misfortune of attempting to upgrade into a more formal and expensive dining experience just as the recession hit stores across the board, and competitors fought to offer the best deals. In 2008, the chain closed more than 50 locations. A close sign is seen in the parking lot of a closed business as Ohio implements phase one of reopening dentists, veterinarians and elective surgeries in Columbus, Ohio.
In 2012, Ruby Tuesday had 896 restaurants and 43,000 employees, with stock prices slowly rising, it looked like a potential comeback. That year, Beall stepped down. Raymond Boyd/Getty Images
In 2017, Ruby Tuesday was acquired by private equity firm NRD for $2.40 per share, or about $335 million. NRD Capital.
Then in 2020, Ruby Tuesday was not spared by COVID-19 and lockdowns. David J. Phillip/AP Photo
In August, Business Insider reported that Ruby Tuesday had closed more than one-third of its restaurants, leaving a total 298 still open. Reporter Irene Jiang noted that the chain's prospects didn't look good even before the pandemic, going through five CEOs in five years. Ruby Tuesday.
Source: Business Insider
Business Insider also reported that Ruby Tuesday suddenly stopped paying pensions in July to more than 100 retirees before declaring insolvency on September 2. Ruby Tuesday.
AP Photo/Mary Altaffer
Source: Business Insider
On October 7, the chain announced it had filed for bankruptcy. Ruby Tuesday says it will continue business as usual, though the filing said that more closures could be coming soon. Ruby Tuesday.
Samantha Lee/Business Insider
Source: Business Insider
TORONTO, Jan. 15, 2021 /CNW/ - Summit Industrial Income REIT ("Summit" or the "REIT") (TSX: SMU.UN) announced today a $0.045 per Unit cash distribution to be paid on February 15, 2021 to Unitholders of record on January 31, 2021.
Summit II's amended and restated distribution reinvestment plan ("DRIP") provides residents of Canada the opportunity to elect to have their cash distributions reinvested in additional units of Summit II. Details about the DRIP and registration forms can be found on Summit II's website at www.summitIIreit.com or at www.sedar.com.
About SummitSummit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties across Canada. Summit's units are listed on the TSX and trade under the symbol SMU.UN. For more information, please visit our web site at www.summitIIreit.com.
Caution Regarding Forward Looking Information This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "goal" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the goal to build Summit's property portfolio. The forward-looking statements and information are based on certain key expectations and assumptions made by Summit, including general economic conditions. Although Summit believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Summit can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, tenant risks, current economic environment, environmental matters, general insured and uninsured risks and Summit being unable to obtain any required financing and approvals. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward looking information for anything other than its intended purpose. Summit undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Summit Industrial Income REIT
Granite (NYSE:GVA) is pleased to announce a Granite Inliner project, the Stamford Interceptor Trunk Sanitary Sewer Phase 1 Project for the Region of Niagara, Ontario, has been awarded the Association of Municipalities of Ontario (AMO) Gas Tax Award. The AMO Gas Tax Award recognizes excellence in the use of federal Gas Funds. The Niagara Region was presented this award for their investment of federal Gas Tax funding in an innovative sewer rehabilitation project in the City of Niagara Falls.
The Stamford Interceptor Trunk Sanitary Sewer Phase 1 Project was completed by LiquiForce, Granite Inliner’s Canadian-based rehabilitation services company, using a no-dig trenchless pipeline rehabilitation technology, also known as cured-in-place pipe (CIPP) lining. CIPP extends the life of hydraulically adequate sewers at lower cost than excavating and replacing sewers in the streets and is less disruptive to vehicular and pedestrian traffic during construction while minimizing the environmental impact.
LiquiForce rehabilitated 7,600 feet (2,300 meters) of new and existing 42-inch (1,050-millimeter) and 48-inch (1,200-millimeter) diameter sanitary sewer main and 23 manholes bypassing the entire system including three pumping stations.
The Honorable Catherine McKenna, Canada’s Minister of Infrastructure and Communities, addressed the Federal Gas Tax Awards ceremony, praising Niagara Region’s "very impressive work.”
"Congratulations to this year’s winner, Niagara Region,” said Minister McKenna. "You combined innovation and environmentally-friendly engineering and supported long-term planning with your sewer pipeline project. And you did a great job keeping the impact on the busy Niagara Falls tourism sector minimal.”
"It’s great to get recognition for the innovation that went into this project,” said Niagara Region Regional Chair, Jim Bradley. "The federal Gas Tax Fund played a very big role in making this happen.”
Read the AMO Gas Tax Award press release.
Granite is America’s Infrastructure Company™. Incorporated since 1922, Granite (NYSE:GVA) is one of the largest diversified construction and construction materials companies in the United States as well as a full-suite provider in the transportation, water infrastructure and mineral exploration markets. Granite’s Code of Conduct and strong Core Values guide the Company and its employees to uphold the highest ethical standards. In addition to being one of the World’s Most Ethical Companies for ten consecutive years, Granite is an industry leader in safety and an award-winning firm in quality and sustainability. For more information, visit graniteconstruction.com, and connect with Granite on LinkedIn, Twitter, Facebook and Instagram.
About Granite Inliner
Granite Inliner is one of the nation’s largest cured-in-place pipe and trenchless pipe providers, and offers sustainable pipeline rehabilitation services to both public and private sectors. Granite Inliner installs safe, cost-effective, and long-term solutions for aging water, wastewater and sewer infrastructure needs. In June 2018, they became a wholly-owned subsidiary of Granite Construction Incorporated.
LiquiForce is a leader in no-dig trenchless pipeline rehabilitation services for water and wastewater pipeline systems, and have offices in both Canada and the United States. Services include complete pipeline system inspection, assessment, rehabilitation and maintenance. In June 2018, LiquiForce became a wholly-owned subsidiary of Granite Construction Incorporated.
About Liner Products
Supplying more than 40 million feet of cured-in-place pipe (CIPP) liner since 1999, Liner Products has a strong legacy of being a trusted source and top supplier of high-performance pipe lining tubes and material throughout North America. In June 2018, Liner Products became a wholly-owned subsidiary of Granite Construction, Inc.
AMO is a non-profit organization representing almost all of Ontario’s 444 municipal governments. AMO supports and enhances strong and effective municipal government in Ontario and promotes the value of municipal government as a vital and essential component of Ontario and Canada’s political system.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200831005689/en/