Good-Bye Ruby Tuesday?

NEW YORK (TheStreet) – Casual-dining restaurant chain Ruby Tuesday issued a press release last week meant to show investors that the company is taking steps to turn itself around, but what it told me is that theroad to recovery may be a long one.

Coming on the heels of worse-than-expected results for its fiscal first quarter and then the sudden resignations of the company’s chairman and a key vice president, plus a downgrade of its debt by Moody’s deeper into junk territory, the press release gave more details about the cost-cutting initiatives Ruby Tuesday is undertaking in attempts to right its ship.

In its efforts to cut $6 million from its selling, general and administrative costs beginning in 2015, the company is reviewing its cost structure. The first move will be the elimination of 50 jobs at its Maryville, Tenn., restaurant support center. Next, the restaurant chain will hire a consulting firm to help it cut cost of goods sold and other restaurant operating costs.

Read more: http://business-news.thestreet.com/philly/story/good-bye-ruby-tuesday/12124084

A Poll For Pottstown Area Residents

The proposed Family Dollar store on Farmington Avenue (formerly McCabe’s and Rosenberry’s) is generating some controversy.  We would be interested in getting your reaction to this news.

Ritz Camera To Liquidate After 94 Years

Ritz Camera logo (Photo credit: Wikipedia)

Ritz Camera & Image LLC plans to go out of business after 94 years as it failed in a bankruptcy auction to find a buyer to keep the largest U.S. specialty camera retail chain open.

U.S. Bankruptcy Judge Kevin Gross in Wilmington, Del., approved a plan Monday to turn over most of Ritz’s assets to liquidation specialists Gordon Brothers Retail Partners LLC and Hilco Merchant Resources LLC, the high bidders at a Sept. 6 auction, court records show.

“The debtors received no bid to purchase substantially all of the debtors’ business and assets as a going concern,” and believes a sale to the liquidators “will result in the realization of the maximum amount possible,” Chief Restructuring Officer Marc Weinsweig said in a court filing.

Read more: http://www.mcall.com/business/chi-ritz-camera-to-liquidate-after-94-years-20120910,0,5250806.story