Job loss aside, this whole chain needs to go under. Orlando, Fla.-based Darden Restaurants Inc. plans to spin off or sell its Red Lobster brand, according to Nation’s Restaurant News. The company has been under pressure from Starboard Value LP and Barington Capital Group LP to take more dramatic steps beyond the Red Lobster spinoff, which was first announced in December. They have urged Darden to separate its larger brands and create a publicly traded real estate investment trust. Starboard, which owns about 5.5 percent of Darden’s shares, recently announced that it had filed documents with the Securities and Exchange Commission to seek shareholder approval for a special meeting on the Red Lobster plans. Darden Specialty Restaurant Group currently operates more than 2,100 restaurants. In addition to Red Lobster, Olive Garden and LongHorn, the company includes 53 Capital Grilles, 48 Yard House units, 38 Season 52s, 37 Bahama Breeze restaurants and 13 Eddie V’s units. - See more at: designretailonline/displayanddesignideas/industry-news/Darden-to-Spin-Off-R-11241.shtml#sthash.L7Aylyao.dpuf
Posted on: Wed, 26 Mar 2014 20:46:41 +0000
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