Search results
Results from the WOW.Com Content Network
On May 12, 2014, Darden announced that as part of its spinoff of Red Lobster, it was converting the co-located Red Lobster and Olive Garden locations into standalone Olive Garden locations. [23] On May 16, 2014, Darden announced it would be selling the Red Lobster seafood restaurant chain to Golden Gate Capital for US$ 2.1 billion. [ 24 ]
On May 12, 2014, Darden announced that as part of the spinoff of Red Lobster, it was converting the co-located Red Lobster and Olive Garden locations into standalone Olive Garden locations. [27] On May 16, 2014, Darden announced that it would be selling the Red Lobster seafood restaurant chain to Golden Gate Capital for US$2.1 billion. [28]
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]
The sale/leaseback that helped sink Red Lobster involved the July 2014 sale of premium real estate underneath 500 of its stores, which generated $1.5 billion.
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 ...
For the past decade amidst ownership changes, Red Lobster has taken on debt and entered into a number of long-term leases across its 700-plus locations, which have weighed on its balance sheet.
China Coast was a casual dining American restaurant chain owned by Darden Restaurants Inc., specializing in American Chinese cuisine.. Founded in 1990 in Orlando, Florida, [1] China Coast was intended to join Olive Garden and Red Lobster as Darden's signature properties. [2]
However, Red Lobster went on to report approximately $11m in operating loss for their third quarter 2023. In their fourth quarter, they went on to lose $12.5m in operating losses, according to the ...