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
AGCO, a worldwide manufacturer and distributor of agricultural equipment and solutions (NYSE:AGCO), today announced that Martin Richenhagen has chosen to retire as Chairman, President and Chief Executive Officer on December 31, 2020. The Company further announced that its Board of Directors has appointed Eric Hansotia, currently AGCO’s Senior Vice President and Chief Operating Officer, to succeed Mr. Richenhagen as Chairman, President and Chief Executive Officer effective January 1, 2021. In addition, Mr. Hansotia has been elected to the Board of Directors, effective immediately.
Martin Richenhagen joined AGCO in 2004 as President and CEO and was named Chairman of the Board of Directors in 2006.
"It’s been my greatest privilege to serve alongside my AGCO colleagues for the past 16 years,” stated Mr. Richenhagen. "Their dedication, integrity, innovativeness and commitment to our customers are what make AGCO such an extraordinary Company, and I’m proud to have been part of its history. I have tremendous confidence in Eric, the Board, our employees and our dealer network, and believe that AGCO’s best days are yet to come.”
Speaking on behalf of AGCO’s Board of Directors, Gerald Shaheen, AGCO’s independent Lead Director, stated, "Martin has served AGCO with great distinction through the years, and we are enormously thankful for his contributions to the Company. Under his leadership, AGCO evolved into an integrated global manufacturer of high-tech, sustainable, agricultural solutions to serve our farmers around the world. AGCO expanded its product portfolio, entered into new markets, consolidated product platforms and modernized facilities. Driven by strong financial performance under his direction, AGCO improved to an investment grade credit rating while initiating a dividend and a substantial share re-purchase program. Martin has been a model of corporate leadership and integrity in the industry. We wish him well in his retirement and look forward to new levels of success under Eric’s leadership.”
"The Board and I are confident that Eric is the right person to build on AGCO’s solid foundation,” added Mr. Richenhagen. "Eric is a seasoned leader with broad industry knowledge, making him uniquely qualified to lead AGCO into the future. Eric has made significant contributions to AGCO’s success over the past seven years, most recently leading the Company through the unique challenges presented by COVID-19. His strong strategic view on the future trends in global agriculture along with his diverse operational experience will enable AGCO to successfully meet the changing needs of our customers.” Mr. Hansotia joined AGCO as Senior Vice President, Global Crop Cycle and Fuse Connected Services in 2013 and has served in the role of Senior Vice President and Chief Operating Officer since 2019. Prior to joining AGCO, Mr. Hansotia had a successful 20-year tenure with Deere & Company where he held leadership positions including Senior Vice President, Global Harvesting and Vice President of Global Crop Care.
Mr. Hansotia shared, "I want to express my gratitude to both Martin and the Board of Directors for their confidence in my ability to lead AGCO into the future. Together with our talented team, I look forward to helping our global farmers sustainably feed the world through smart, innovative agricultural solutions. I believe farmer-driven innovation is the key to unlocking value for our employees, dealers and shareholders, and I look forward to building on Martin’s legacy as we realize AGCO’s bright future.”
AGCO (NYSE:AGCO) is a global leader in the design, manufacture and distribution of agricultural solutions and delivers high-tech solutions for farmers feeding the world through its full line of equipment and related services. AGCO products are sold through five core brands, Challenger®, Fendt®, GSI®, Massey Ferguson® and Valtra®, supported by Fuse® smart farming solutions. Founded in 1990 and headquartered in Duluth, Georgia, USA, AGCO had net sales of $9.0 billion in 2019. For more information, visit https://www.AGCOcorp.com. For company news, information and events, please follow us on Twitter: @AGCOCorp. For financial news on Twitter, please follow the hashtag #AGCOIR.
Please visit our website at www.agcocorp.com
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Travel nurses and allied professionals nationwide can now download the most powerful and practical mobile app to help them find, book, and manage their assignments with the launch of newest version of AMN Passport by AMN Healthcare (NYSE: AMN).
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Travel nurses and allied professionals nationwide can now download the most powerful and practical mobile app to help them find, book, and manage their assignments with the launch of newest version of AMN Passport by AMN Healthcare. (Photo: Business Wire)
Now available in the Apple App Store and the Google Play Store, AMN Passport provides clinicians with the healthcare industry’s easiest-to-use and most comprehensive application for their mobile devices.
The app provides a personalized experience that encompasses all information travel clinicians need to successfully manage their careers. AMN Passport customizes job preferences, manages and updates credentials and professional profiles, accesses time and pay details, provides alerts and updates without clogging up email, shows exactly where clinicians are in the onboarding process, and contacts dedicated recruiters with one tap. With AMN Passport, clinicians can now put their career in their pocket.
"AMN Healthcare is committed to providing the best possible experience for our clinicians, and that’s why we will continuously improve AMN Passport so they can maximize the professional and personal experience of their assignments,” said Landry Seedig, Group President and Chief Operating Officer, Nursing and Allied Solutions, at AMN Healthcare. "Nurses and allied health professionals can now go from accepting a contract to confirming their paycheck with complete confidence on a mobile device – and with convenience and seamless experience that nobody else can offer.”
AMN Healthcare is the leader and innovator in healthcare total talent services, providing healthcare organizations across the nation with the most advanced and comprehensive array of technology-enabled solutions. To learn more about how AMN Passport puts you at the helm of your experience, go to https://www.amnpassport.com.
About AMN Healthcare?
AMN Healthcare is the leader and innovator in total talent solutions for healthcare organizations across the nation. The Company provides access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. With insights and expertise, AMN Healthcare helps providers optimize their workforce to successfully reduce complexity, increase efficiency and improve patient outcomes. AMN total talent solutions include managed services programs, clinical and interim healthcare leaders, temporary staffing, executive search solutions, vendor management systems, recruitment process outsourcing, predictive modeling, language interpretation services, revenue cycle solutions,?credentialing?and other services. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, schools and many other healthcare settings. AMN Healthcare is committed to fostering and maintaining a diverse team that reflects the communities we serve. Our commitment to the inclusion of many different backgrounds, experiences and perspectives enables our innovation and leadership in the healthcare services industry. For more information about AMN Healthcare, visit?www.amnhealthcare.com.?
View source version on businesswire.com: https://www.businesswire.com/news/home/20200826005668/en/