Stale Restaurant Chain Ruby Tuesday May Be Up For Sale

(RTTNews) - Ruby Tuesday Inc. has announced it is exploring strategic alternatives, including a potential sale of the company, as the company continues to struggle with lower traffic at its casual restaurants.

The company has retained UBS as its financial advisor to assist in the process. The company said it would explore all options, including options other than a sale.

"While we continue to focus on executing against our Fresh Start initiatives including the rollout of our Fresh New Menu, Fresh New Garden Bar and Fresh Experience, we believe now is the right time to explore strategic alternatives that have the potential to position the business for long-term success and to carry that legacy forward," said Stephen Sadove, Non-Executive Chairman of Ruby Tuesday.

The company also announced the preliminary results for the fiscal third quarter with revenue, including franchise revenue, of about $225.7 million and same restaurant sales decline of about 4.0%.

Ruby Tuesday has been struggling for years as sales and traffic continues to fall for years.