MARYVILLE, Tenn. – Ruby Tuesday plans to close 95 underperforming locations in a cost-cutting move.
The company didn’t say which restaurants would close but said they would cease operations by September. As of May 2016, the chain had 724 restaurants nationwide, including 646 that are company-operated.
The chain recorded a fourth-quarter net loss of $27.6 million; a year ago, it reported a net gain of $4.3 million during the same span.
Company CEO J.J. Buettgen said the closures are a “difficult but necessary” step for the company to cut its losses. Performance at the restaurants wasn’t meeting expectations, he said. Full- and part-time employees affected by the closure will be offered positions at other restaurants if possible.
Ruby Tuesday has a dozen restaurants in central Indiana, including Anderson, Angola, Clarksville, Ft. Wayne, Kokomo, Muncie, Taylorsville Warsaw, Terre Haute and three locations in Indianapolis.
The announcement comes during a tough week for restaurants and retailers. Logan’s Roadhouse, which has several Indiana locations, announced plans to shut down 18 underperforming restaurants. Retailer Macy’s also said it would close 100 stores nationwide.