The Ruby Tuesday restaurant chain, citing a slowdown in the casual dining scene nationwide, is closing several Twin Cities locations, with four surviving.
Nationwide, the Tennessee-based company said, it’s closing 95 of its “underperforming restaurants” out of 724.
The Twin Cities is left with four Ruby Tuesdays. They are at Rosedale in Roseville, Southdale in Edina, and in Shakopee and Inver Grove Heights.
Failing to make the cut were Ruby Tuesdays in Apple Valley, Champlin, Chaska, Cottage Grove, Eden Prairie, Oak Park Heights, Plymouth, and at the Mall of America in Bloomington.
“The decision to close restaurants is a difficult but necessary step as we take aggressive actions to strengthen our organization,” President and CEO, J.J. Buettgen, said in a statement earlier this week announcing the closures. “Performance at each of these locations ... was not meeting expectations.”
He said the company will relocate laid-off full- and part-time workers at “nearby restaurants, where possible.”
Buettgen attributed poor fourth-quarter results to “softness in the casual dining industry and increased promotional activity by our peers.”
In the fourth quarter, overall revenue fell 5.9 percent.
Ruby Tuesday shares closed at $3.11 Thursday. A share sold for more than $7 a year ago.