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Good-Bye, Ruby Tuesday....Submitted by FarmerJohn on Thu, 01/10/2008 - 15:24.
Boy the Ruby Tuesday stock is taken more of a hit after the financial report yesterday. It's gone as low as $6.07 today, the lowest it has ever been. I looked at the five year trend and the stock was between $20 and $30 for the past five years until this past Fall went it started a sharp decline. I blame this solely on the Daily Times. How dare they report disgruntled local people who complained about the food and new decor. A coworker said she went to Ruby's the other day and she said it was a glorified hamburger joint. This could have serious repercussions for the city of Maryville. If RT goes down, so does most of downtown.... Of course there's always Blackberry Farms and the Three Sisters tract.....
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No worries. The stock price is in the target range for a buyout by IHOP (like they did Applebees), or maybe a bold move by Krystal.
Come on! Ruby Tuesdays is okay in my book. They've always specialized in hamburgers. Consistency is what people wanted, isn't it? Their training is superb. I hope they can handle this recession.
Ruby's menu has changed several times and now the emphasis is on the burgers. People want consistency, that's why most of the comments in the DT complained about getting back to burgers and away froma diverse menu (and changing the interior, which most people like it the way it was). This remodeling of all the stores is one excuse why the earnings are down.
I've always thought the service at RT sucked. It's gotten a little better, but the service has suffered.
I'm with you Farmer. How could Laney possibly go after this outfit again. Where did he get such outlandish numbers?
So they published the numbers themselves. It would be nice if the SEC made county governments report the same way corporations do. Downtown Maryville will take a huge hit if Ruby Tuesday folds. That's a fact. If Mr. Beall wants to see what citizens had to say about his restaurant chain as insults, he has that right and should stay the course. If he decides to take the advise his customers gave him in the Daily Times, he should make the changes and save his restaurants.
Ruby Tuesday is a long way from the original "strip" location. Blackberry is even further away. If he wants to figure out how the rest of are living and what we're looking for, maybe he should re-read the original article.
First the DT causes the whole real estate market downturn and now they've brought Ruby Tuesday to its knees! When will they stop???
Is it just me, or does anyone else think there is sad irony in the fact that the Daily Times ran a factual piece about Ruby Tuesday's finances and efforts to right the ship, asked for, received, and offered to Ruby Tuesday some customer feedback that might help because they are an important corporate citizen in the community, and that the Ruby Tuesday CEO and local Republican power structure backlash against the paper has possibly resulted in making folks ambivelant at best, or at worst making people who used to care basically just not like Ruby Tuesday any more.
It's not just you. This is a weird time in which we live. Just because someone deems something offensive, doesn't make it wrong. Political correctness is the bane of this society.
Now when I find folks easily offended, I rebut; "I'm offended that your offended. Where do we go from here?"
I always found that disagreements were normally the most interesting and enlightening parts of any given conversation.
I think you hit the nail on the head. The Mayors of this place collectively kicked the well-meaning citizenry in the shins over this.
Stock has gone as $5.82 and is now at $6.00.
I'm in the boat of not really supporting or caring about Ruby Tuesdays. I've always felt the City of Maryville bent over way too far for Sandy and he has taken over downtown (which has been a good thing as well). Then for the three govt officials to write a letter to the editor was just plain dumb. Made RT and the govt officials look like whiney bitches. I really, really started disliking RT when they took over Morningside at Maryville College. I'm still upset at MC for doing this (remember the noise complaints from neighbors)?
Obviously Sandy put a lot of money into creating the new RT that people were complaining about. He didn't like that. He has experts telling him different. Now the stock is in the tank and may never recover. Seems like the typical King who does not listen to his servants.
The only time I eat at RT is at the airport because there is not another choice. And I usually only get a biscuit in the morning or salad bar later in the day. Hmmmmm, monopoly at the airport - imagine that.
I'm still not sure how they did it. Isn't MC a private school (not government) and wasn't that land donated (not purchased)?
Does RT now own that land or does the college lease them the grounds?
I take offense to that. We know at least one official has undeniable "testicular fortitude".
Thanks for that. I needed a good laugh!
I think they got a 99 year lease.
I guess they made MC an offer they couldn't refuse. $$ talks.
DG, I wanted to say MC signed a lease with RT for like 50 or so years (I want to say 500 years but that's ridiculous). Morningside was in disrepair and MC didn't have the funds (so they say) to fix it up. From what I've heard RT has painted over the muruals (sp?) on the walls. My wife and I had our wedding reception at Mornigside and always enjoyed the Sunday brunches there...
I guess my problem with the MC location was that Beall could have housed all those folks downtown where they would spend their time and money getting know other downtown establishments.
His 400 hundred employees could really help the area he has put a lot of his own money and energy into. Maybe some staff would call in with the "blue flu", but that should be part of the process as well.