Ruth's Hospitality: Slumps after borrowing cash amid virus outbreak

Ruth's Hospitality

18/03/2020 16:21

** Steakhouse operator's shares  RUTH.O  slump 28% to an
8-1/2 year low of $3.9 after co increases borrowing as a
precautionary step during the coronavirus crisis
    ** Co borrows remaining available amount under a revolving
credit facility
    ** Co has total cash and cash equivalents of $54.7 million
as of March 16 (https://bit.ly/33r1s4Q)
    ** RUTH is among many companies, including cruise operators,
loading up on cash as the health crisis halts businesses and
creates panic 
    ** Fast-casual chains are expected to be hit more than
fast-food chains that are now focusing on delivery and take-away
as consumers are asked to stay indoors 
    ** Including session's losses, RUTH down ~82% this year 

 (Reporting by Nivedita Balu in Bengaluru)
 ((Nivedita.Balu@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 4822/ Twitter: @niveditabalu;))