XML 60 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note R - Subsequent Events
3 Months Ended
Sep. 03, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

NOTE R – SUBSEQUENT EVENTS


Amendment to the Ruby Tuesday, Inc. Stock Incentive Plans


On October 9, 2013, our shareholders approved an amendment to the SIP allowing non-employee directors to participate in the SIP instead of requiring that such awards be made from the Directors’ Plan. The amendment did not increase the number of shares of common stock available for issuance under the SIP.


New Revolving Credit Facility


As of the date of this filing, we are in the process of finalizing a four-year $50.0 million revolving credit agreement (the “New Credit Facility”) which will replace the Credit Facility and have signed commitment levels in excess of $50.0 million from our syndicate bank group. As part of the New Credit Facility, we will have additional covenant flexibility which will enable us to make the necessary long-term investments in our business with less covenant pressure in the near term as we implement our brand repositioning. We anticipate closing on the New Credit Facility by the end of the second quarter of fiscal 2014.