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It was founded as a single Orlando restaurant in 1968 by Bill Darden, then acquired by General Mills, which then spun off Red Lobster along with its Olive Garden chain as Darden Restaurants ...
The following year, Darden sold Red Lobster to Golden Gate Capital, a private equity firm, for $2.1 billion. To help fund the deal, Red Lobster spun off its real estate assets in a transaction ...
Now the restaurants can't pay the rent. When a private-equity firm bought Red Lobster in 2014, it sold the land under the restaurants for $1.5 billion. Now the restaurants can't pay the rent.
Red Lobster’s sales began declining and Darden prioritized investments in its other brands. People walk past a Red Lobster seafood restaurant in Times Square, New York, on May 15, 2024 ...
Thanks in part to those higher profit margins, one restaurant analyst said it takes 18 months for a Chipotle to pay back buildout costs, compared to five years for a Cheesecake Factory.
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]
Launched in 1968 in Lakeland, Florida, by local restaurateur Bill Darden, Red Lobster eventually expanded nationwide by offering Americans affordable crab, lobster and other seafood.
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.