Baltimore, MD-based Majestic Group Inc. acquired the franchise and development rights, beginning in 2005, the territory will be developed over eight years.
The agreement with Majestic marks the third franchise venture in the Pacific Rim for Ruby Tuesday, following Hong Kong and Taiwan. The restaurant operator currently owns, operates and franchises more than 750 casual dining restaurants in the United States and around the world. Besides Hong Kong and Taiwan, Ruby Tuesdays are currently located in Canada, Chile, Greece, Honduras, Iceland, India, Kuwait, Mexico, Puerto Rico, Romania and Trinidad.
The international expansion is continuing despite the fact that same-store sales for the second quarter fiscal 2005 declined significantly. At company-owned Ruby Tuesday restaurants, sales decreased 8.6%, while same-store sales at domestic franchise Ruby Tuesday restaurants decreased 5.1%.
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