CEO Has Plans to Shake Up Ruby Tuesday

by Christopher Freeburn | January 30, 2013 4:22 pm

CEO Has Plans to Shake Up Ruby Tuesday

RubyTuesdayPromo CEO Has Plans to Shake Up Ruby Tuesday[1]Ruby Tuesday (NYSE:RT[2]) is going back to its roots. It’s CEO, James J. Buettgen says the company will concentrate on improving its core brand[3].

To that end, Buettgen has announced plans to shutter or sell several of its other restaurants, including Marlin & Ray’s, Truffles Grill and Wok Hay. Ruby Tuesday restaurants have ditched frozen chicken, high fructose corn syrup and food containing MSG, in favor of fresher, healthier fare, Restaurant News notes.

The chain is also planning to add new menu items over the coming months, including more sandwiches and salads, and expand the range of prices options. The goal is to increase the number of customers at Ruby Tuesday restaurants and increase sale-restaurant sales.

While the company plans to close its Marlin & Ray’s restaurants, it will move to grow its Lime Fresh Mexican Grill restaurants. Buettgen noted that seafood restaurants have experienced slow or diminishing growth in recent years. By comparison, Mexican restaurants represent a high-growth category.

Shares of Ruby Tuesday slipped almost 2% in Wednesday afternoon trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2012/06/RubyTuesdayPromo.jpg
  2. RT: http://studio-5.financialcontent.com/investplace/quote?Symbol=RT
  3. the company will concentrate on improving its core brand: http://nrn.com/latest-headlines/ruby-tuesday-ceo-plots-new-path-company

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