Shares of Ruby Tuesday, Inc. surged almost 20% late Monday after the restaurant chain said it will explore strategic alternatives including a sale or merger to keep it in business.

The company reported preliminary results for the third quarter ended Feb. 28. Sales of established locations were down 4%. This is considered a key metric for financial health because it strips out the volatility of newly opened and closed locations, according to the Associate Press.

“We believe now is the right time to explore strategic alternatives that have the potential to position the business for long-tern success and to carry that legacy forward,” said Stephen Sadove, Non-Executive Chairman, in the press release.

The restaurant chain is in the beginning stage of strategic and financial review and doesn’t plan on making any further public comment until it has been completed.  No assurance was given to the outcome and timing.

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