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Activist investor Barington Capital had challenged Darden's plans to sell Red Lobster, saying the company should separate Olive Garden and Red Lobster as a pair from its other chains, which also include Bahama Breeze, Eddie V's and Yard House.
announces plan to sell Red Lobster for
More recently, the company tried to attract a wider array of customers by adding more non seafood dishes to Red Lobster's menu. The efforts didn't take hold.
Darden noted that its deal is not subject to shareholder approval.
The company, which is based in Orlando, Fred Perry Shirt Women
After the transaction costs, Darden said it expects proceeds of $1.6 billion, of which $1 billion will be used to retire debt. The company said it Classic Polo Shirts Buy Online expects the deal to close in its fiscal first quarter of 2015, which is this summer.
factors, including a refusal among customers to swallow price increases. In 2012, for instance, executives cited a $1 price hike for its "Festival of Shrimp" special in explaining a quarterly decline in sales.
Golden Gate Capital made a separate $1.5 billion deal to sell Red Lobster's real estate to American Realty Capital Properties, then lease it back. Its other investments include California Pizza Kitchen, Payless ShoeSource and Eddie Bauer.
marketing campaigns to win back business. Part of the problem is the growing popularity of places like Chipotle and Panera, where customers feel they can get the same quality of food without paying as much or waiting for table service.
As it suffered sales declines more recently, executives blamed a variety of Wholesale Designer Polo Shirts Uk
Florida, said Friday that it would sell its seafood chain and the accompanying real estate to investment firm Golden Gate Capital in a $2.1 billion cash deal. The announcement came despite objections from some shareholders to the plan to separate Red Lobster, which was announced late last year.
Otis says Red Lobster in particular is increasingly unable to attract the higher income customers Darden caters to with its more successful chains, which include Longhorn Steakhouse, The Capital Grille and Seasons 52. and Canada. The first restaurant in Lakeland, Florida, boasted a menu including a half a dozen oysters for 65 cents and platters with frog legs and hush puppies for $2.50.
Still, affordability is an ongoing issue across the industry and Darden has been slow to address it. At the height of the downturn, for instance, Applebee's introduced a "2 for $20" deal that proved so popular it ended up becoming a menu fixture.
Darden sees more potential in fixing Olive Garden, which has about 830 locations. The company recently reworked the logo for Italian chain and has been adding lighter menu items, as well as smaller dishes like "crispy risotto bites" that it says reflect eating trends.
Barington said in a statement that Darden's decision was "unconscionable" given the concerns expressed by shareholders.
Both Olive Garden and Red Lobster have been losing customers in recent years, even as they changed their menus and Lacoste Polo Shirts Buy Online
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