Deal announced to purchase Ruby Tuesday restaurants - WFMJ.com News weather sports for Youngstown-Warren Ohio

Deal announced to purchase Ruby Tuesday restaurants

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The operator of Ruby Tuesday restaurants announced on Monday that they are being purchased by a fund managed by an Atlanta-based private equity firm.

NRD Capital, which specializes in franchised and multi-location business investments will acquire all of Ruby Tuesday’s common stock for $2.40 per share in cash and will assume or retire all debt obligations for a total value of approximately $335 million.

In March, Ruby Tuesday announced that it intended to explore what it called strategic alternatives.

The deal, which is subject to shareholder approval and other customary closing conditions, is expected to be completed early next year.

Ruby Tuesday, which has locations in Austintown, Canfield and New Castle, announced in August of last year that it planned to shut down 95 restaurants.

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