Can Ruth's Chris Survive?

Another day, another report about a struggling chain.This time it’s Ruth Chris Steak House, the upscale eatery with about 120 locations around the world. Same-store sales fell 18.5% year over year during its most recent quarter, and the company is hampered by debt after its $92-million purchase last year of the 19-unit Mitchell’s Fish Market chain. Ruth’s Chris isn’t the only upscale chain struggling right now. Competitor Morton’s Restaurant Group posted a $67.7 million loss last year. Will Ruth’s Chris strategy of discounted menu items like a $19.99 deal for steak and fries help the company, or will consumers continue to flee the more upscale chains for deals at fast-casual venues?