Ruby Tuesday Inc. will shutter at least 95 corporate-owned locations, with the possibility of five to 10 more, by September, the company said Thursday. (about 13% of its 724 restaurants)
CEO JJ Buettgen in a release said competition and low sales impacted the restaurant chain. The company reported a fiscal fourth-quarter loss of $27.6 million, compared with a profit of $4.3 million the same prior-year period.
The store closings follow a “unit-level analysis of sales, cash flows and other key performance metrics, as well as site location, market positioning and lease status” of Ruby Tuesday’s corporate-owned portfolio, officials said. As of May 31, Ruby Tuesday’s system included 724 restaurants, of which 646 were company-operated.
For all of fiscal 2016 ended May 31, Ruby Tuesday posted a loss of $50.7 million on revenue that fell 3.1 percent to $1.1 billion.
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