Ruby Tuesday Inc. is selling its Maryville headquarters to Knoxville-based Altar’d State for $2.8 million, the companies announced Thursday.
The sale of the 40,000-square-foot building on W. Church Avenue is expected to close in October.
Ruby Tuesday plans to consolidate its remaining Maryville staff at its building on Broadway Avenue by the end of January.
The restaurant chain also has a satellite office in Orlando.
These changes come just over a week after James J. “JJ" Buettgen announced he was stepping down as president, CEO and board chair of the restaurant chain. Buettgen had been in that position since December 2012, when Ruby Tuesday founder Sandy Beall stepped down after 40 years of leading the company.
Interim President and CEO Lane Cardwell said the consolidation will “streamline” the company’s cost infrastructure and position Ruby Tuesday “to deliver improved operational results over time.”
Ruby Tuesday also announced in August that it is closing 95 restaurants as part of an “asset rationalization plan.”
Nineteen employees will be laid off as a result of the restaurant closures, the company said in a statement.
"Impacted employees will be offered severance and benefits in accordance with our company policy. While it is never easy making these decisions, it is important that we take this step to help better position Ruby Tuesday for a strong future," the statement said.
As of August 30, 2016, there were 615 Ruby Tuesday restaurants in 42 states, 14 foreign countries and Guam.
While Ruby Tuesday is consolidating, Altar’d State is expanding.
The company said in a press release that the Church Avenue building has enough space for its expanding workforce and future growth plans.
The women’s fashion brand started in Knoxville in 2009. It now has more than 70 boutiques in 22 states.
"In so many ways Maryville is the perfect location to begin our next chapter and we look forward to fully integrating into this new community that we'll now call home,” said Chairman and CEO Aaron Walters in a statement.
Altar’d State plans to begin moving employees into the Maryville building in early 2017.
