Ruby Tuesday Closing 95 Restaurants Nationwide

Ruby Tuesday
Ruby Tuesday to close 95 locations by September
Author

13 August, 2016

In response to a poor fiscal fourth quarter, the Ruby Tuesday franchise will close the doors on approximately 95 underperforming restaurants, according to a press release on the company's website.

Ruby Tuesday announced almost 100 restaurants nationwide will shut its doors in September. According to the company's press release, the under-performing locations will stop operations by September. Ruby Tuesday counted 724 restaurants in its system as of the end of May, with a lot of them owned by the company.

The Maryville, Tenn. -based casual-dining operator had a total of 724 units at the end of the fourth quarter ended May 31.

Buettgen said the closures are part of a broader initiative to prop up profit and reignite sales.

Ruby Tuesday is the latest restaurant to announce decreased sales, with McDonald's MCD and Wendy's WEN posting lower year-over-year sales numbers.

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Goodbye, Ruby Tuesday restaurants in dozens of cities across the country. Other measures include a revamped menu and improved salad bar, which the company had previously announced. "While the decision to close restaurants has been extremely hard, it is a necessary step as we take aggressive actions to strengthen our organization".

Total revenue declined 5.9 percent to $279.3 million, which included a net reduction of 12 corporate-owned Ruby Tuesday restaurants and 17 corporate-owned Lime Fresh Mexican Grill restaurants during fiscal year 2016.

The chain recorded a fourth-quarter net loss of $27.6 million; a year ago, it reported a net gain of $4.3 million during the same span.

"Performance at each of these locations, despite the loyalty of valued guests and the efforts of our dedicated employees, was not meeting expectations", said Buettgen. Both McDonald's and Wendy's blamed November's election for poor restaurant sales, too.


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