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The first Red Lobster restaurant was opened on January 18, 1968, in Lakeland, Florida, by entrepreneurs Bill Darden and Charley Woodsby. [11] [12] The oft-quoted date of March 27, 1968, is based on the incorporation date of Red Lobster Inns of America, Inc. (now GMRI, Inc.) in the Florida Secretary of State's Office.
William Bristor Darden (November 17, 1918 – March 29, 1994), known as Bill, was an American businessman and the founder of the Red Lobster restaurant franchise. He is also the namesake of the multi-brand restaurant operator Darden Restaurants, which considers Darden to be its founder. [1]
He later founded the Red Lobster Inns of America and opened the first Red Lobster restaurant in Lakeland, Florida, in 1968. [4] Red Lobster, which grew quickly, formed the basis of the organization that later became known as Darden Restaurants. [5] Darden chose Lakeland to see how a seafood restaurant would fare in a non-coastal region.
“Red Lobster is now a stronger, more resilient company, and today is the start of a new chapter in our history,” Adamolekun said in a statement on Monday, September 16, according to The ...
At the outset, Red Lobster would be paying $118.5 million in cash rent, about half the chain's annual operating earnings, he wrote. "Red Lobster's real estate sale gives its new owners little room ...
General Mills owned brands like Wheaties, Cheerios and Betty Crocker, and the company wanted to enter the restaurant industry with Red Lobster’s five no-frills restaurants. A Red Lobster in 1989.
Red Lobster In 2024 the Orlando, Florida -based seafood chain Red Lobster slipped towards bankruptcy closing 93 locations and filing for Chapter 11 bankruptcy protection on May 20, 2024, with over $1 billion in debt.
This meant Red Lobster sold its owned real estate and simultaneously leased it back, transitioning from being a property owner to a tenant. And these days, rent has become quite a burden.