Saturday, May 17, 2014

Red Lobster Restaurants Sold

The chain of +Red Lobster restaurants have been sold for over 2 billion dollars. Darden Restaurants says it entered an agreement to sell its Red Lobster chain to investment firm Golden Gate Capital in a $2.1 billion cash deal.

Olive Garden and Red Lobster have been losing customers in recent years, and the company has been trying to update the image of its flagship chains. Darden has said that Olive Garden complements its portfolio of smaller restaurant chains that cater to customers willing to spend more.