Ruby Tuesday announced after hours today a net loss of $15.1 million for their fiscal 2nd quarter.
Saying that "driving profitable same-restaurant sales at Ruby Tuesday is our first and most critical priority," the company also announced they are immediately closing all Marlin and Ray's restaurants. "[W]e have determined the Marlin & Ray's brand is not an optimal conversion vehicle for us going forward," said new CEO JJ Buettgen, who also projected flat same-store Ruby Tuesday sales for the the year.
The company is also discontinuing the Wok Hay and Truffle's Grill concepts. According to the new CEO, the moves will allow the company to "focus on the successful sales turnaround at our Ruby Tuesday restaurants, in addition to creating value with our Lime Fresh fast casual concept going forward."
Regarding affected employees, the company said " As we make these difficult decisions, we want to let the team members of these closed restaurants know that we appreciate their passion and commitment and we are working to ensure the employees affected by these planned closures are given opportunities at other Ruby Tuesday or Lime Fresh restaurants."
Ruby Tuesday opened the first Marlin and Ray's concept restaurant in Maryville in April 2011.
RT shares were down as much as 8.7% before leveling out to about -7.5% in after hours trading after missing earnings (loss) expectations.
- Clinton picks Kaine (7 replies)
- WikiLeaks releases 20K DNC e-mails. (3 replies)
- Who will Clinton pick as VP? (38 replies)
- Knoxville Retailers, Gone but not Forgotten (364 replies)
- Mark Harmon: Thanks, Obama. No, really, thanks (5 replies)
- Hotter than a $2 pistol (7 replies)
- While waiting for November, don't forget there are local elections going on (6 replies)
- How car-sharing is already helping cities with their transit issues (1 reply)
- South Waterfront update (14 replies)
- Mayor Rogero and Chief Rausch Declare War on Gang Members (1 reply)
- Ailes out at Fox News (4 replies)
- Time running out for free Windows 10 upgrade (11 replies)
- Jul 27 2016 - 12:00pm (3 days 14 hours from now)
- Jul 28 2016 - 3:00pm (4 days 17 hours from now)