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Ruby Tuesday Closing 70 Locations

MARYVILLE, TN-The restaurant chain plans charges related to surplus property sales and existing leases.

By Carl Cronan | Updated on December 19, 2008

MARYVILLE, TN-Ruby Tuesday Inc. says it plans to close 40 restaurants early next year, followed by another 30 over the next several years. The casual-dining chain will also incur expenses during its third fiscal quarter in 2009 related to the sale of 35 to 40 surplus properties, along with lease terminations and obligations related to closures.

Pre-tax restructuring charges are expected to include between $30 million and $40 million of non-cash asset impairments to be recognized in the current second fiscal quarter, plus $10 million to $15 million for lease-related costs in the third quarter. Those charges will favorably impact future operating results, Ruby Tuesday stated in a release.

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