If you ask the executive team at Ruby Tuesday, they won’t be shy about telling you the company is in trouble. That’s why they are bringing in Ray Blanchette.
Blanchette will take the mantle of CEO immediately, the company said Tuesday, with the aim of turning around the struggling brand. The restaurant has shuttered more than 100 restaurants since August. As of Dec. 1, it operates just under 600 locations.
“Clearly, it’s a turnaround,” Blanchette told CNBC at the ICR Conference in Orlando, Florida. “We’re not being shy about calling it that.”