MARYVILLE, Tn. (WANE) – Ruby Tuesday announced they will close 95 under performing restaurants in September.
Ruby Tuesday’s system includes 724 restaurants, 646 of are company operated.The company made the decision to close the 95 restaurants following a comprehensive review, which included unit-level analysis of sales, cash flows, and other key performance metrics.
“Performance as each of these locations, despite loyalty was not meeting expectations,” Ruby Tuesday CEO JJ Buettgen said.
According to a press release, as part of the review, the company made the decision to launch “The Fresh Start Initiative,” which aims to streamline the organization, improve financial profitability, and create long-term value for shareholders.
“Our fourth quarter was impacted by softness in the casual dining industry and increased promotional activity by our peers,” Buettgen said. “Given that we expect the macro environment to remain challenging for some time, we are taking the necessary steps to change the trajectory of our business.”
The new initiative will be achieved through the execution of several key strategies including a program to improve the food and beverage offering, dining environment, and service.
For more information, visit Ruby Tuesday.