Darden Announces Sale Of Red Lobster For $2.1B

NEW YORK (AP) — Darden Restaurants says it will sell its Red Lobster chain to investment firm Golden Gate Capital in a $2.1 billion cash deal.

The company, which also owns Olive Garden, had announced late last year that it planned to either spin off or sell Red Lobster to improve its financial performance.

Both Olive Garden and Red Lobster have been losing customers in recent years, and the company has tried various menu changes and differentmarketing campaigns in hopes of winning back business.

Read more: http://www.pottsmerc.com/general-news/20140516/darden-announces-sale-of-red-lobster-for-21b

Enhanced by Zemanta