A private equity firm has agreed to acquire Ruby Tuesday Inc. and is taking the company private as the restaurant chain struggles with declining sales as casual dining choices change in the restaurant industry.
Atlanta-based NRD Capital Management is buying the casual-dining chain for about $146 million, or $2.40 a share, according to a press release from the company.
“The Board of Directors and our advisors have thoroughly evaluated all options available to the Company and are confident that this agreement will provide the most promising opportunity to realize the highest value for our stockholders while providing the best path forward for the Ruby Tuesday brand, its employees, franchisees, and loyal customers,” Ruby Tuesday’s non-executive chairman, Stephen Sadove, said in the statement.
Casual sit-down restaurants have been hit in recent years by the rise of delivery options and fast-casual chains.
Ruby Tuesday Inc. owns 599 restaurants in 41 states, 14 foreign countries, and Guam. The restaurant has locations in Centerville, Butler Twp., Deerfield Twp. and Troy.
>> Related: German grocery retailer Lidl to expand in Beavercreek
The deal is expected to be completed during the first quarter of 2018.
About the Author
