In an effort to stem the tide of continuous losses that has struck this once venerable restaurant chain, Ruby Tuesday’s representatives have alerted the public of their plans to close a whopping 95 locations across the country.
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Same-restaurant sales fell 3.7 percent in the fourth quarter, much bigger than the 1.7 percent decline in the same period a year earlier.
“Through our goal of attracting more women and young families as well as increasing visits from our current Ruby Tuesday guests, we believe we can return to positive same-restaurant sales, expand restaurant level margins, and increase operating profit”. Officials at the local location referred questions to the corporate media relations team.
While the specific locations that are slated to be closed down have yet to be identified, this news comes as a major blow to those who are fans of this long running franchise.
Since the announcement, reaction has been flowing in via social media – some comments indicating that numerous affected locations have already shut their door.
No timetable has been announced as of yet, but company officials say the closures will occur quickly. “Full-time and part-time employees impacted by closures will be offered positions in nearby restaurants where possible”.
“The decision to close restaurants is a hard but necessary step as we take aggressive actions to strengthen our organization”, CEO JJ Buettgen said in a statement.
According to the company’s fourth quarter financial reports, Ruby Tuesday’s fiscal year revenue was down 3.1 percent to $1.1 billion. Cullman’s Logan’s Roadhouse sits just a few hundred yards from the city’s Ruby Tuesday’s.
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There was no immediate word if any of the Southeast Michigan locations will be affected by the decision.
