Fortune Magazine that "I've always hated the name, but we've always managed to work around it." Expansion and franchising, 1976–1999 The first franchised restaurant was opened in 1977 by a loyal customer, Thomas J. "T. J." Moran (c. 1931–2015), in Baton Rouge, who went on to open several more franchised Ruth's Chris locations, TJ Ribs, and Ruffino's restaurants through his company T.J. Moran Associates. Fertel noted, "All our franchisees were people who had eaten at one time or another in one of our restaurants. We never looked for franchisees. They came to us". The chain expanded rapidly over the next two decades, with 66 locations in the U.S. and overseas by mid-1998, and achieving over $200 million in annual revenues. Acquisition by Madison Dearborn 1999–2005 In 1999, Fertel, then 72, developed lung cancer. She sold a 79.3 percent interest in the chain in August 1999 to investment company Madison Dearborn Partners of Chicago, remaining as a shareholder until her death in 2002. In that period, the chain expanded to 86 restaurants, including 10 overseas locations. Revenues fell to $167.8 million in 2003, before rising again to $192.2 million in 2004. Public company, 2005 onwards On August 9, 2005, under President & CEO Craig Miller, Ruth's Chris Steak House became a public company following a successful IPO valuing the company at $235 million and an increase of 15 percent in first-day trading. Relocation to Florida, 2005 In late August 2005 Hurricane Katrina devastated Greater New Orleans (see: Effect of Hurricane Katrina on New Orleans), and the chain moved its corporate headquarters to Heathrow, Florida. Like most businesses in the city, two of the chain's locations in the New Orleans area were forced to close because of the storm. The Metairie location has since reopened. Members of the Fertel family, particularly Ruth's son Randy, were bitterly opposed to the move. Amid much criticism by local officials and media, and on the heels of the announcement by Morton's that it would reopen its own New Orleans branch, the corporate offices announced that, due to extensive damage, the old flagship location on Broad Street would be permanently closed and donated to charity. Tulane University was the recipient of the gift, remodeling and reopening the site in 2012 as the Ruth U. Fertel/Tulane Community Health Center. In May 2008, Ruth's Chris reopened in New Orleans and is centrally located downtown in Harrah's Hotel at 525