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Is Red Lobster no longer part of Darden?
ORLANDO, Fla. and SAN FRANCISCO, July 28, 2014 /PRNewswire/ — Darden Restaurants, Inc. (NYSE: DRI) and Golden Gate Capital today announced that Golden Gate has completed the acquisition of the Red Lobster business and certain other related assets and assumed liabilities for approximately $2.1 billion in cash.
Who bought Red Lobster from Darden Restaurants?
Golden Gate
Golden Gate, a California-based private equity firm, purchased Red Lobster from Darden Restaurants in 2014 for $2.1 billion.
When did Red Lobster separate from Darden?
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. Darden announced the completion of the sale of Red Lobster on July 28, 2014.
Is Olive Garden and Red Lobster closing?
Darden Restaurants (NYSE: DRI) will be closing all of its combination Olive Garden and Red Lobster restaurants, as the company moves forward with plans to spin off or sell the Red Lobster brand. With 705 restaurants in the United States and Canada, Red Lobster is the nation’s largest sit-down seafood dining chain.
Can a Red Lobster gift card be used anywhere else?
Where can I redeem my Red Lobster Gift Card? Red Lobster Gift Cards are redeemable at all Red Lobster locations in the United States or when placing To Go and delivery orders at www.RedLobster.com. Once your gift card has been printed, it can be used at any participating Red Lobster.
Can I still use a Darden gift card at Red Lobster?
7 answers. No you can not use a Darren’s gift card at Red Lobster unless it has a Red Lobster logo on it. Darden gift cards may be redeemed at any Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V’s in the U.S.
What’s the deal with Darden and Red Lobster?
Darden Restaurants inked a $2.1 billion deal on Friday to unload its struggling Red Lobster business to Golden Gate Capital. Golden Gate may be able to inject some new life into Red Lobster, but the deal is likely to rile up Darden () investors. The company’s shares fell 4%.
When was Olive Garden spun off from Darden Restaurants?
On May 12, 2014, Darden announced that as part of the spinoff of Red Lobster, it was converting the co-located Red Lobster and Olive Garden locations into standalone Olive Garden locations. On May 16, 2014, Darden announced it would be selling the Red Lobster seafood restaurant chain to Golden Gate Capital for US$ 2.1 billion.
Who is the owner of Olive Garden and Red Lobster?
Darden Restaurants Inc., the owner of Red Lobster, Bahama Breeze and Olive Garden, has bought Rare Hospitality International Inc. for $38.15 a share, or $1.4 billion. ^ “Darden Restaurants closes on sale of Smokey Bones chain”.
When was Red Lobster sold to Golden Gate?
On May 15, 2014, Darden Restaurants (DRI) entered in an agreement to sell its Red Lobster restaurants to private equity firm Golden Gate Capital for $2.11 billion. As you can see in the chart below, Red Lobster has been struggling since 2012.