Bad news for Ruby Tuesday.
The Maryville, Tennessee-based casual chain will be closing about 95 underperforming restaurants by the end of September following disappointing fourth-quarter sales.
It is not yet known which locations are closing, however the company said that it would try to find positions for displaced employees at nearby restaurants, CBS reported.
“The decision to close restaurants is a difficult but necessary step as we take aggressive actions to strengthen our organization,” CEO J.J. Buettgen said in a release. “Performance at each of these locations, despite the loyalty of valued guests and the efforts of our dedicated employees, was not meeting expectations.”
The company reported a fourth-quarter net loss of $27.6 million, while the year before had a net gain of $4.3 million, according to Indy Star.
The chain currently has 724 restaurants, and the closings are intended to help cut some of its losses.