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About Ruby Tuesday

Ruby Tuesday Inc.
TypePublic
Traded asNYSERT
IndustryRestaurant
GenreCasual dining
Founded1972 (1972)
U.S.
Founder(s)Samuel E. Beall, III
Headquarters150 West Church Avenue
Maryville, Tennessee, U.S. 37801
Number of locations850 (2011)
Area servedWorldwide
Key peopleSamuel E. Beall, III
(Chairman)
Kimberly M. Grant
(Executive Vice President)
Marguerite N. Duffy
(CFO/SVP)
ProductsAmerican cuisine
(steak)
RevenueIncrease US$ 1,265.16 million (2011)
Operating incomeDecrease US$ 52.622 million (2011)
Net incomeIncrease US$ 46.878 million (2011)
Total assetsIncrease US$ 1,187.02 million (2011)
Total equityIncrease US$ 591.71 million (2011)
Employees40,500 (2011)
Websiterubytuesday.com
References: [1]

Ruby Tuesday Inc. (NYSERT) is an American multinational foodservice retailer that owns, operates, and franchises Ruby Tuesday restaurants. The concept was started in 1972 by Samuel E. (Sandy) Beall, III.

The corporation was formed in 1996 as a reincorporation of Morrison Restaurants Inc. They are headquartered in Maryville, Tennessee, and operate 850 locations worldwide between their various concepts.

Their flagship brand is an American cuisine casual dining restaurant chain that is primarily located along the eastern coast of the United States. The company also owns Lime Fresh Mexican Grill, Wok Hay, and their internally developed concept, Marlin & Ray’s Seafood & Sunsets. Additionally, they hold development rights to Truffles Grill.

On June 6, 2012, founder and long-time CEO Sandy Beall announced he would be leaving the company.[3]

Contents

[edit] Etymology

The [5]

[edit] History

A Ruby Tuesday restaurant in Durham, North Carolina, August 2008.

Ruby Tuesday was born out of a $10,000 endowment Sandy Beall had received from a friend and operator of several Knoxville campus, and although the building still stands, the restaurant has since closed.

Over the subsequent decade, Ruby Tuesday extended their footprint with a new location opening about every nine months. In April 1982, Sandy sold the expanded 16-unit Ruby Tuesday chain to [7]

Morrison Inc. was renamed Morrison Restaurants Inc. in 1992 to reflect the importance of their lucrative restaurant investments. Additionally, the company realigned their dining division with a new name, the Ruby Tuesday Group.Morrison Health Care Inc., and Morrison’s Fresh Cooking Inc.

Ruby Tuesday Inc. became the legal successor to Morrison Restaurants Inc. and was incorporated in [11]

[edit] Restaurant themes

The main entrance of Ruby Tuesday Inc. headquarters in Maryville, Tennessee, February 2012.

In August 2007, Ruby Tuesday Inc. ventured back into other concepts with their newly acquired Asian dining restaurant, Wok Hay.[1]

In September 2010, Ruby Tuesday Inc. continued its venture into other concepts with an agreement to license the Lime Fresh Mexican Grill brand. Earlier the same year, Ruby Tuesday also acquired the development rights to Truffles Grill and introduced their home-grown Marlin & Ray’s Seafood & Sunsets concept.2011 Annual Report:

As of May 31, 2011, we owned and operated one Marlin & Ray’s, one Truffles, and two Wok Hay restaurants. We are currently evaluating the conversion of certain lower performing Ruby Tuesday concept restaurants to these concepts. We currently anticipate converting approximately six to eight company-owned Ruby Tuesday concept restaurants to the Marlin & Ray’s, Truffles, or Wok Hay concepts in fiscal 2012. Additionally, we anticipate opening one to two new restaurants and approximately seven to nine smaller, inline Lime restaurants in fiscal year 2012.

The company has also experimented conversion with the [19]

[edit] Headquarters

An international Ruby Tuesday in Hong Kong, June 2009.

In the summer of 1998, Ruby Tuesday relocated its main headquarters from Mobile, Alabama to Maryville, Tennessee, just 15 miles south of where the company had been founded. This location contains their Restaurant Support Center and an on-site training facility, called the Center for Leadership Excellence (formerly known as WOW-U).[10] These facilities are used as an internal troubleshooting department, development center, test kitchen, and corporate office for the company’s executives, restaurant managers, and chefs.[4]

The company purchased a residential property at nearby [21]

[edit] Distribution

Throughout the first half of the company history, the chain mainly located itself in or near shopping malls. Starting in the early 1990s, the company adjusted its distribution strategy by including more freestanding locations. This shift changed the brand into a destination spot, and also provided the concept with more opportunities for growth.[8]

As of May 31, 2011, Ruby Tuesday, Inc. has company-owned and/or franchised Ruby Tuesday brand restaurants in 47 states and 15 foreign countries. The company owned and operated 750 Ruby Tuesday restaurants, while domestic and international franchisees operated 43 and 53 restaurants, respectively. Their international locations include Canada, Chile, Egypt, Greece, Guam, Honduras, Hong Kong, Iceland, India, Kuwait, Romania, Saudi Arabia, Trinidad, United Arab Emirates, and the United Kingdom.[22]

[edit] Marketing

For much of its history, Ruby Tuesday had little, if any, advertising. By 2002, the company found itself combating traffic and sales losses at many of its locations. This caused the company to change course and introduce coupons at selected sites.[25]

[edit] New identity

The old Ruby Tuesday logo and slogan.

In 2007, the company began a series of significant changes to its [27]

Ruby Tuesday CEO Sandy Beall touched on the transformation in his letter to stakeholders in the company’s 2007 Annual Report:

Elevating Ruby Tuesday above the crowd to a memorable, high-quality dining experience is critical to our growth and success. We are engaged in a three-year plan to reposition, reinvent and reinvigorate the Ruby Tuesday brand. We began by bringing our guests fresh, exciting new menu choices, then raised our standards of service, and are now creating an innovative new look and style for each and every restaurant. This revitalization will appeal to our loyal core guests while attracting a new generation of consumers.

[edit] “Implosion”

In 2008, Ruby Tuesday marketed an advertising campaign to show how radical their recent changes were. On August 5, over “live” streaming internet video, a demolition crew was supposed to implode the final “old Ruby Tuesday” to cap off the brand’s commitment of change in front of a small crowd in Mount Holly, Ohio. However, to the crowd’s shock, the “restaurant” next door (Cheeky’s Bar and Grill, which looked like a typical casual dining chain) was demolished.[28]

Following the events, the senior VP of marketing for Ruby Tuesday (in actuality, an actor) posted a written apology on the company’s website and videotaped a formal apology that was broadcast on television. As it turned out, the idea was merely an elaborate marketing ploy to raise attention to the newly remodeled restaurants. The implosion was actually on a miniature set staffed by a Hollywood special effects crew, and the “live” event was actually pre-recorded in Harriman, Tennessee. The two films were then edited together to make it look like an accident.[29]

[edit] Changes continue

The remodel and its accompanying changes came at an awful time for the chain. A [31]

In 2012, yet another advertising campaign was announced to analysts to boost guest perception. It included a reintroduction of television advertising and a continued shift to convert under-performing stores.[32]

[edit] Sponsorships

A Ruby Tuesday location near the Charlottesville, Virginia, July 2011.

From 2006 until 2009, Alex Job Racing and Ruby Tuesday partnered to form the Ruby Tuesday Championship Racing Team. The team drove the No. 23 Porsche-powered Daytona Prototype in the GRAND-AM Rolex Sports Car Series.[33]

In 2009, Eddie Sharp Racing announced a long-term partnership agreement with Ruby Tuesday as the sponsor of the No. 2 Toyota, driven by Tim George Jr. in the ARCA Racing Series.[34]

[edit] NASCAR

Starting with the [36]

Prior to the beginning of the 2011 Daytona 500, Ruby Tuesday was added as a last-minute one-race sponsor for Brian Keselowski, older brother of Brad Keselowski.[37]

In 2012, Ruby Tuesday dropped sponsorship on Brad Keselowski car.

[edit] Menu

Ruby Tuesday in Chinatown neighborhood, January 2006.

Ruby Tuesday offers an array of American cuisine in its eponymous restaurants. They offer a broad selection of choices that include garlic-cheddar biscuits, fresh [40]

A separate menu is available for placing a bulk take-out or catering order.[42]

The executive chef for the chain is Peter Glander, who is the former [24]

[edit] Dietary concerns

The company was the first large national casual dining chain in the country to post specific nutritional information on their menus.[44] Nutritional and allergen-sensitivity information of the entire menu is available upon request.

Early 2011 saw the company revise and rewrite a portion of their drink recipes to encompass trendy “skinny” cocktails.[39]

[edit] Cookbook

Ruby Tuesday released a cookbook on October 25, 2011 titled Simply Fresh: Casual Dining at Home by Jeff Morgan. The cookbook contains recipes that have been inspired by the menu, and even recipes that are signature to the brand.[46]

[edit] Environmental impact

Ruby Tuesday Inc. has committed to the environmental movement with a number of initiatives aimed at reducing their waste and pollution. The program is titled “Going Green”, and includes changes in their new and existing restaurants, their Restaurant Support Center, their menus/packaging, and the partnerships with their suppliers. The company also employs a LEED professional to help with new construction design.[47]

[edit] See also

 

[edit] References

  1. ^ http://www.sec.gov/Archives/edgar/data/68270/000006827011000026/form10-k_2011.htm. Retrieved May 24, 2012.
  2. ^ “Ruby Tuesday, Inc. Announces Chief Executive Officer’s Intention to Step Down; Commences Search for Successor” (Press release). Ruby Tuesday Inc.. June 6, 2012. http://phx.corporate-ir.net/phoenix.zhtml?c=83799&p=irol-newsArticle&ID=1703237. Retrieved June 6, 2012.
  3. ^ Witkowski, Wallace (June 6, 2012). “Ruby Tuesday CEO, Chairman Beall to step down”. Market Watch, The Wall Street Journal. http://www.marketwatch.com/story/ruby-tuesday-ceo-chairman-beall-to-step-down-2012-06-06. Retrieved June 6, 2012.
  4. ^ http://www.nytimes.com/2009/11/08/business/08ruby.html?pagewanted=all. Retrieved May 24, 2012.
  5. http://www.franchisehelp.com/franchise-research/Ruby-Tuesday-Franchise-Review-2002.pdf. Retrieved May 24, 2012. “… named their restaurant after a Rolling Stones’ song. “
  6. ^ “Our History”. Ruby Tuesday Inc.. 2012. http://www.rubytuesday.com/our-story/history. Retrieved May 24, 2012.
  7. ^ http://www.fundinguniverse.com/company-histories/Ruby-Tuesday-Inc-company-History.html. Retrieved May 24, 2012.
  8. ^ http://findarticles.com/p/articles/mi_m3190/is_n21_v27/ai_13784206. Retrieved May 24, 2012.
  9. ^ Morrison Restaurants Inc. (September 28, 1995). “Company News; Morrison Restaurants Plans Three-Way Split”. New York Times. http://www.nytimes.com/1995/09/28/business/company-news-morrison-restaurants-plans-three-way-split.html. Retrieved May 24, 2012.
  10. ^ http://restaurant-hospitality.com/trends/rh_imp_3202. Retrieved May 24, 2012.
  11. ^ “Changes NYSE Symbol to RT (Press release). Ruby Tuesday Inc.. April 11, 2007. http://phx.corporate-ir.net/phoenix.zhtml?c=83799&p=irol-newsArticle&ID=519738. Retrieved May 24, 2012.
  12. ^ News Sentinel staff (August 9, 2007). “Ruby Tuesday acquires Wok Hay”. Knoxville News Sentinel. http://www.knoxnews.com/news/2007/Aug/09/ruby-tuesdays-acquires-wok-hay. Retrieved May 24, 2012.
  13. ^ Harrington, Carly (June 14, 2008). “Ruby Tuesday to open second Wok Hay Diner”. Knoxville News Sentinel. http://www.knoxnews.com/news/2008/jun/14/ruby-tuesday-to-open-second-wok-hay-diner. Retrieved May 24, 2012.
  14. ^ Jennings, Lisa (September 21, 2010). “Ruby Tuesday plans to open fast-casual outlets”. Nation’s Restaurant News. http://nrn.com/article/ruby-tuesday-plans-open-fast-casual-outlets. Retrieved May 24, 2012.
  15. ^ McCann, Josh (September 15, 2010). “Truffles name might go national under deal with Ruby Tuesday”. islandpacket.com. http://www.islandpacket.com/2010/09/15/1373412/truffles-name-might-go-national.html. Retrieved April 29, 2012.
  16. ^ “Jim ‘N Nick’s closes on Lovell Road”. Knoxville News Sentinel. April 28, 2011. http://www.knoxnews.com/news/2011/apr/28/jim-n-nicks-closes-lovell-road. Retrieved May 24, 2012.
  17. ^ Walker, Elaine (April 10, 2012). “Ruby Tuesday buys homegrown Miami chain Lime Fresh Mexican Grill”. The Miami Herald. http://www.miamiherald.com/2012/04/10/2741271/ruby-tuesday-buys-homegrown-miami.html. Retrieved May 24, 2012.
  18. ^ Jennings, Lisa (April 5, 2012). “Ruby Tuesday to buy Lime Fresh for $24M”. Nation’s Restaurant News. http://nrn.com/article/ruby-tuesday-buy-lime-fresh-24m. Retrieved May 24, 2012.
  19. ^ http://phx.corporate-ir.net/phoenix.zhtml?c=83799&p=irol-newsArticle&ID=1680277. Retrieved May 24, 2012.
  20. ^ “Center for Leadership Excellence”. Ruby Tuesday Inc.. 2012. http://www.rubytuesday.com/careers/cfle. Retrieved May 24, 2012.
  21. ^ “Our History, RT Lodge”. RT Lodge. 2012. http://www.rtlodge.com/history/. Retrieved May 24, 2012.
  22. ^ “Restaurant Unit Count” (PDF). Ruby Tuesday Inc.. May 31, 2011. http://www.rubytuesday.com/content/files/unitcount2011.pdf. Retrieved May 24, 2012.
  23. ^ Peters, James (October 21, 2002). “Ruby Tuesday deploys sales, service initiatives: chain reintroduces coupon program and increases staffing in effort to drive traffic”. Nation’s Restaurant News (findarticles.com). http://findarticles.com/p/articles/mi_m3190/is_42_36/ai_93318934. Retrieved May 31, 2012.
  24. ^ http://findarticles.com/p/articles/mi_m3190/is_29_37/ai_106114316. Retrieved May 24, 2012.
  25. ^ Hayes, Jack (November 26, 2001). “Drive-by dining: ruby tuesday steers toward curbside takeout”. Nation’s Restaurant News (findarticles.com). http://findarticles.com/p/articles/mi_m3190/is_48_35/ai_80608421. Retrieved May 31, 2012.
  26. ^ DJ Stout; Austin design team (October 26, 2007). “New Work: Ruby Tuesday”. Pentagram. http://pentagram.com/en/new/2007/10/new-work-ruby-tuesday.php. Retrieved May 24, 2012.
  27. ^ MKM Partners LLC (June 20, 2007). “Ruby Tuesday Is a Casual Dining Gem”. Barron’s. http://online.barrons.com/article/SB118228614376240997.html?mod=googlenews_barrons. Retrieved May 24, 2012. (subscription required)
  28. ^ Hein, Kenneth (July 30, 2008). “Ruby Tuesday Attempts to Blow Up Failed Image”. Adweek. http://www.adweek.com/news/advertising-branding/ruby-tuesday-attempts-blow-failed-image-104377. Retrieved May 24, 2012. (subscription required)
  29. ^ Raphael (August 5, 2008). “Ruby Tuesday Punks Us All, Blows Up Wrong Restaurant”. Serious Eats. http://www.seriouseats.com/2008/08/ruby-tuesday-blows-up-ohio-punks-us-all.html. Retrieved May 24, 2012.
  30. ^ Elan, Elissa (September 30, 2010). “Ruby Tuesday CEO outlines future financial plans”. Nation’s Restaurant News. http://nrn.com/article/ruby-tuesday-ceo-outlines-future-financial-plans. Retrieved May 31, 2012.
  31. ^ Steverman, Ben (October 27, 2010). “Ruby Tuesday Bets on New Chains to Spark Growth”. Bloomberg BusinessWeek. http://www.businessweek.com/investor/content/oct2010/pi20101027_755714.htm. Retrieved May 31, 2012.
  32. ^ Liddle, Alan J. (January 9, 2012). “Ruby Tuesday looks to boost brand perception”. Nation’s Restaurant News. http://nrn.com/article/ruby-tuesday-looks-boost-brand-perception. Retrieved May 31, 2012.
  33. ^ “Ruby Tuesday and Alex Job Racing Join Forces in Grand Am” (Press release). Alex Job Racing. April 17, 2006. http://www.alexjobracing.com/06_vir/0417.htm. Retrieved May 24, 2012.
  34. ^ “Ruby Tuesday Enters Long-Term Partnership Agreement with Tim George Jr.”. Eddie Sharp Racing. May 6, 2009. http://www.teamesr.com/050609.html. Retrieved May 24, 2012.
  35. ^ Brandau, Mark (January 18, 2010). “Ruby Tuesday revs up NASCAR sponsorship”. Nation’s Restaurant News. http://nrn.com/article/ruby-tuesday-revs-nascar-sponsorship. Retrieved May 24, 2012.
  36. ^ lee_montgomery (January 24, 2011). “Ruby Tuesday remains sponsor of Brad Keselowski, Penske Racing”. NNSracing.com. http://www.nnsracing.com/2011/1/24/1954251/ruby-tuesday-remains-sponsor-of-brad-keselowski-penske-racing. Retrieved May 24, 2012.
  37. dead link]
  38. ^ “The Menu”. Ruby Tuesday Inc.. 2012. http://www.rubytuesday.com/menu. Retrieved May 24, 2012.
  39. ^ http://www.rubytuesday.com/thebar. Retrieved May 24, 2012.
  40. ^ “Cultivate is now at Ruby Tuesday!” (Press release). Cultivate Wines. November 1, 2011. http://www.cultivatewines.com/behindthebrand/cultivate-is-now-at-ruby-tuesday. Retrieved May 24, 2012.
  41. ^ “Catering Menu”. Ruby Tuesday Inc.. 2012. http://www.rubytuesday.com/menu/catering. Retrieved May 24, 2012.
  42. ^ “Ruby Tuesday Partners with ezCater to Boost Catering Sales”. Business Wire. January 25, 2012. http://www.businesswire.com/news/home/20120125005775/en/Ruby-Tuesday-Partners-ezCater-Boost-Catering-Sales. Retrieved May 24, 2012.
  43. ^ “Ruby Tuesday Adds More Lower-Calorie, Lower-Fat Items and Puts Nutrition Information on Its Menu” (Press release). Ruby Tuesday Inc.. April 27, 2004. http://phx.corporate-ir.net/phoenix.zhtml?c=83799&p=irol-newsArticle&ID=519738. Retrieved May 24, 2012.
  44. ^ Kadlec, Daniel (June 7, 2004). “America’s Obesity Crisis:Eating Out: Chain Reaction”. TIME Magazine. http://www.time.com/time/magazine/article/0,9171,994409-1,00.html. Retrieved May 24, 2012.
  45. ^ Viera, Lauren (March 4, 2012). “The skinny on skinny: No longer unique to spa menus, low-cal cocktails have now hit the mainstream”. Chicago Tribune. http://www.chicagotribune.com/features/food/sc-food-0302-drink-low-cal-20120304,0,5660145.story. Retrieved May 24, 2012.
  46. http://www.blufftontoday.com/bluffton-news/2011-10-19/restaurant-serves-simply-fresh-recipes-enjoying-home#.T0Qg2nkU58E. Retrieved May 24, 2012.
  47. ^ “Going Green” (PDF). Ruby Tuesday Inc.. 2012. http://www.rubytuesday.com/agreenruby/assets/pdf/goinggreen.pdf. Retrieved May 24, 2012.

[edit] External links

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