Ruby Tuesday up for sale

Ruby Tuesday, Inc. (NYSE: RT) owns and franchises Ruby Tuesday brand restaurants is seeking for strategic alternatives which include a potential sale or merger. As of November 29, 2016, there were 613 Ruby Tuesday restaurants in 42 states, 14 foreign countries, and Guam. Of those restaurants, the company owns and operates 546 Ruby Tuesday restaurants and franchised 67 Ruby Tuesday restaurants, comprised of 18 domestic and 49 international restaurants. Its company-owned and operated restaurants are concentrated primarily in the Southeast, Northeast, Mid-Atlantic, and Midwest of the United States.

As said by multi-platform news and information media company, USA TODAY, Ruby Tuesday’s sales at restaurants open at least a year tumbled about 4 percent in the period. The chain’s quarterly revenue also fell nearly 17 percent, compared to a year earlier, to $225.7 million. Ruby Tuesday is caught in a maelstrom that’s engulfing the casual dining industry, which is struggling to compete with fast-casual dining destinations and with declining grocery costs that are giving consumers ample alternatives. Investors cheered the company’s decision to consider a sale, driving its stock up 17.8% to $2.05.

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