Ruby Tuesday has quietly shut down locations since January: report
Atlanta-based private equity firm NRD Capital purchased the restaurant chain in 2017
Ruby Tuesday, the long-struggling fast-casual dining chain, has reportedly been quietly closing a number of its restaurants since the start of 2020.
Since Jan. 23, roughly 169 of its eateries have permanently shuttered, according to Business Insider, citing data by data compiled by AggData. That leaves the company with approximately 298 restaurants that are still operational worldwide, according to the data.
In a release earlier this year the company noted it owned, operated and franchised 486 locations around the globe.
CORONAVIRUS COULD CLOSE 2.2 MILLION OF WORLD'S RESTAURANTS
Loganville, GA - July 13th 2019: Ruby Tuesday store front sign - American franchise - location located in Georgia off of highway 78. Chain restaurant offers full all you can eat salad bar.
According to multiple reports the chain has been struggling for years and is at risk of completely folding amid the outbreak of the novel coronavirus.
Aziz Hashim, founder and managing partner of Ruby Tuesday owner NRD Capital, told Restaurant Business Online in May that many of the restaurant chain's locations will remain permanently closed even after the global health crisis subsides.
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“The final tally as to the permanent number of closures is to be determined for us,” he told the outlet. “Some of it depends on how quickly sales come back."
Hashim noted that the pandemic has "accelerated" restaurant closures, however, the closures were expected due to lackluster sales.
Atlanta-based private equity firm NRD Capital purchased the struggling restaurant chain in 2017 after years of decline sales, poor stock performance and rocky leadership.
Representatives for Ruby Tuesday and NRD Capital did not immediately respond to FOX Business' request for comment.