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Ruby Tuesday sells for $146 million, will turn private

Ruby Tuesday's Times Square, Manhattan location. Photo: Mary Altaffer / AP

NRD Capital is buying the 600-restaurant chain Ruby Tuesday for $146 million, AP reports. Ruby Tuesday's shares jumped nearly 20% from $1.99 to $2.37 on the news.

The big picture: Ruby Tuesday, a sit-down establishment, has been losing business to cheaper, fast-casual joints, and has not reported a quarterly profit in two years. NRD will take the company private.