Company Snapshot: Ruby Tuesday Inc.
150 W Church Avenue
Maryville, TN 37801
Total Current Locations:
45 states, DC, Guam, 13 foreign countries
Founder, Chairman, CEO, President: Samuel E. Beall III
CFO: Michael O. Moore
Chief Development Officer: Michael Beck
As it celebrates its 40thanniversary, Ruby Tuesday is in the process of invigorating itself through:
- Closure of underperforming Ruby Tuesday locations (23 closed in the fourth quarter ended June 5, and five to seven more company-owned restaurants will close this coming year)
- Conversion of some of its iconic brand restaurants to a newly developed concept called Marlin & Ray’s (10 were rebranded this past year)
- Expansion of its newly acquired concept, Lime Fresh Mexican Grill (six new locations were added).
Marlin & Ray’s is an internally-developed seafood concept that has proven popular and has grown from one location at the end of fiscal year May 2011 to 11 locations at the end of the current fiscal year in June 2012. The company plans to convert five to seven Ruby Tuesday restaurants to the new brand this year.
In September 2010, Ruby Tuesday signed a Master License Agreement to develop and operate up to 200 Lime Fresh Mexican Grill restaurants east of the Mississippi River, exclusive of Florida. The success of the venture convinced management to acquire all rights to the fast-casual concept during the most recent fourth quarter. There are now 17 Lime Fresh locations, 13 of which are company operated. Management expects to open 12-16 new Lime Fresh restaurants in the year ahead.
Ruby Tuesday also has other rebranding options, including Wok Hay, an Asian concept which was developed in-house, and Truffles Grill, a casual American concept licensed from Gourmet Market Inc. The company closed two of its three Wok Hay restaurants in the fourth quarter, and the Truffles expansion seems to have stalled at two locations.
The corporation is also going to be experiencing a makeover at its headquarters in the near future: In June, company founder and CEO Samuel E. Beall III announced plans to retire as soon as a successor is named. Sandy has been at the helm of the company since its earliest days in Knoxville in 1972 and has managed its growth from that single location to a global restaurant chain. Most recently he has overseen the reimaging of the Ruby Tuesday restaurants and its menus to create a more upscale brand. As of now, the company has not released any information regarding the progress being made to select a new leader.