Ruby Tuesday Inc. Completes Sale of Eight Lime Fresh Mexican Grill Locations
MARYVILLE, TN - June 01, 2016 - (BUSINESS WIRE) - Ruby Tuesday, Inc. (NYSE:RT) today announced that it has completed the sale of assets related to eight corporate-owned Lime Fresh Mexican Grill restaurants in Florida to Rubio’s Restaurants, Inc. for $6 million. Six of the restaurants have been closed, with the remaining two to close on or before November 10, 2016, and all locations will be rebranded by Rubio’s as Rubio’s Coastal Grill. The sale agreement was previously announced in November 2015. Please visit Rubio’s.com for additional information on locations.
The six franchise-owned Lime Fresh Mexican Grill restaurants in South Florida will remain open and operated as Lime Fresh Mexican Grills by the individual franchise owners. Additionally, Ruby Tuesday, Inc. also announced today that it has completed the sale of the Lime Fresh Mexican Grill brand to EverFresh Endeavors. Please visit limefreshmexicangrill.com for locations and more information.
About Ruby Tuesday, Inc.
Ruby Tuesday, Inc. owns and franchises Ruby Tuesday brand restaurants. As of March 1, 2016, there were 729 Ruby Tuesday restaurants in 44 states, 13 foreign countries, and Guam. Of those restaurants, we owned and operated 649 Ruby Tuesday restaurants and franchised 80 Ruby Tuesday restaurants, comprised of 28 domestic and 52 international restaurants. Our corporate-owned and operated restaurants are concentrated primarily in the Southeast, Northeast, Mid-Atlantic, and Midwest of the United States, which we consider to be our core markets. For more information about Ruby Tuesday, please visit www.rubytuesday.com. Ruby Tuesday, Inc. is traded on the New York Stock Exchange (Symbol: RT).
This press release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements represent our expectations or beliefs concerning future events, including one or more of the following: future financial performance (including our estimates of changes in same-restaurant sales, average unit volumes, operating margins, expenses, and other items), future capital expenditures, the effect of strategic initiatives (including statements relating to cost savings initiatives and the benefits of our marketing), the opening or closing of restaurants by us or our franchisees, sales of our real estate or purchases of new real estate, future borrowings and repayments of debt, availability of financing on terms attractive to the Company, compliance with financial covenants in our debt instruments, payment of dividends, stock and bond repurchases, restaurant acquisitions and dispositions, and changes in senior management and in the Board of Directors. We caution the reader that a number of important factors and uncertainties could, individually or in the aggregate, cause our actual results to differ materially from those included in the forward-looking statements, including, without limitation, the risks and uncertainties described in the Risk Factors included in Part I, Item A of our Annual Report on Form 10-K for the year ended June 2, 2015.
SOURCE Ruby Tuesday, Inc.