Ruby Tuesday Franchisee Heads To Ch. 11

Law360, New York (June 20, 2012, 10:52 PM EDT) -- A Ruby Tuesday Inc. franchisee and its affiliates on Wednesday each filed for Chapter 11 protection in Minnesota bankruptcy court, listing a combined $135.7 million in liabilities and $15.3 million in assets.

RT Midwest Holdings LLC, RT Northern Illinois Franchise LLC and RT Chicago Franchise LLC each reported debt amounts between $22 and $28 million, while RT Midwest Real Estate LLC reported that it is more than $60 million in the hole.

“The executive members have determined that it is in the best interests of the...
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