Ruby Tuesday Announces Expansion in Manila
MARYVILLE, Tenn.--(BUSINESS WIRE)--Casual dining chain Ruby Tuesday, Inc. today announced it has signed a franchise agreement with Entrepreneurial Recipes, Inc. for the planned development of three Ruby Tuesday restaurants in the metropolitan area of Manila in the Philippines.
Ruby Tuesday, Inc., a publicly traded company, currently owns, operates and franchises 948 casual dining restaurants, including 893 in the United States and an additional 54 international locations.
Mark Ingram, Ruby Tuesday's President of Franchising, said, "We are very pleased to be partnering with such experienced operators in Manila for the expansion of our brand."
In addition to Guam, Hong Kong and South Korea, the Philippines becomes the fourth country in the Pacific Rim with Ruby Tuesdays under development.
"This latest franchise expansion will allow us to offer our high-quality dining experience in the fast-growing business climate of these Southeastern Pacific countries," Ingram added.
Pricipal investors in Entrepreneurial Recipes are Vashi Gagoomal, Patricia Del Rosario and Joseph C. Tan, Esquire. They have extensive experience in the restaurant business in the Philippines and have financial interests in a number of Hong Kong-based restaurants. All are established restaurateurs, with franchise experience, and will be owner/operators of the Manila Ruby Tuesday restaurants.
About Ruby Tuesday
The Ruby Tuesday concept was born more than 30 years ago, when current Chairman and CEO Sandy Beall opened the first restaurant near the University of Tennessee in Knoxville, Tennessee. Since then, the company has grown to over 900 company-owned and franchised restaurants in 43 states and 18 countries around the world. Ruby Tuesday is aggressively franchising territories in the western United States and in international locations. Ruby Tuesday, Inc. is traded on the New York Stock Exchange (NYSE: RT). More information about the company can be found at www.rubytuesday.com.
Special Note Regarding Forward-Looking Information
This press release contains various "forward-looking statements," which represent the Company's expectations or beliefs concerning future events, including one or more of the following: future financial performance and restaurant growth (both Company-owned and franchised), future capital expenditures, future borrowings and repayment of debt, payment of dividends, stock repurchase, and restaurant and franchise acquisitions. The Company cautions the reader that a number of important factors and uncertainties could, individually or in the aggregate, cause actual results to differ materially from those included in the forward-looking statements, including, without limitation, the following: changes in promotional, couponing and advertising strategies; guests' acceptance of changes in menu items; changes in our guests' disposable income; consumer spending trends and habits; mall-traffic trends; increased competition in the restaurant market; weather conditions in the regions in which Company-owned and franchised restaurants are operated; guests' acceptance of the Company's development prototypes; laws and regulations affecting labor and employee benefit costs, including potential increases in federally mandated minimum wage; costs and availability of food and beverage inventory; the Company's ability to attract qualified managers, franchisees and team members; changes in the availability and cost of capital; impact of adoption of new accounting standards; impact of food-borne illnesses resulting from an outbreak at either Ruby Tuesday or other restaurant concepts; effects of actual or threatened future terrorist attacks in the United States; significant fluctuations in energy prices; and general economic conditions.