MARYVILLE, Tenn. - A casual dining chain with restaurants in the Valley has filed for bankruptcy.

Ruby Tuesday, which has restaurants in Austintown and New Castle,  filed a petition for reorganization under Chapter 11 of the Bankruptcy Code.

Company officials say they have an understanding with lenders allowing it to operate its restaurants as usual while it goes through the bankruptcy process.

“This announcement does not mean ‘Goodbye, Ruby Tuesday’. Today’s actions will allow us an opportunity to reposition the company for long-term stability as we recover from the unprecedented impact of COVID-19,” said Shawn Lederman, Ruby Tuesday’s CEO. “Our restructuring demonstrates a commitment to Ruby Tuesday’s future viability as we work to preserve thousands of team member jobs.”

The company says it has reopened several of its restaurants shut down in response to the COVID-19 pandemic and will continue serving customers and honoring gift cards.