The layoffs, which included 50 employees, were part of a restructuring plan made by the company to save money. Maryville Police Chief Tony Crisp said that the police were there to work a security detail at the company and that he couldn’t answer any other questions. The layoffs have occurred after Matthew Drapkin. the company’s board chairman, and Robert LeBoeuf, the chief people officer and senior vice president of Ruby Tuesday, left the company in late October, reports The Maryville Daily Times.
“Restructuring is difficult, and we greatly appreciate the contributions of the teammates that have been affected,” JJ Buettgen, CEO of Ruby Tuesday told, The Maryville Daily Times.
Ruby Tuesday says that the layoffs will cut overhead cost by around $6 million a year starting in 2015. The company has also hired a consulting firm to find other ways to cut cost, reports The Wall Street Journal.
RT shares were up above 4% as of Thursday afternoon.