Ruby Tuesday, Inc. announced that it has entered into an agreement with Altar’d State to sell its Church Street property for $2.8 million. The 40,000-square-foot building is located at 150 W. Church Avenue in Maryville, Tennessee. The completion of the transaction is targeted for October, subject to customary closing conditions.
Additionally, Ruby Tuesday announced plans to consolidate its Restaurant Support Center at its property at 333 E. Broadway Avenue in Maryville by the end of January. This follows the company’s announcement on August 11 to close 95 restaurants as part of its asset rationalization plan.
Lane Cardwell, Interim President and Chief Executive Officer, says, “Consolidating our Restaurant Support Center will streamline our cost infrastructure as we continue to execute against our Fresh Start initiatives. We are confident in our long-term strategies and believe we are positioning Ruby Tuesday to deliver improved operational results over time.”