Darden is setting Red Lobster adrift, but betting that it can still turn around Olive Garden's fortunes. The company, based in Orland, Florida, said Friday that it would sell its seafood chain to ... more 
Darden is setting Red Lobster adrift, but betting that it can still turn around Olive Garden's fortunes. The company, based in Orland, Florida, said Friday that it would sell its seafood chain 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 either spin off or sell Red Lobster, which was announced late last year. Both Olive Garden and Red Lobster have been losing customers in recent years, even as Darden changed their menus and 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 having to pay as much or wait for table service. less 
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Wochit
Fri, May 16, 2014 1:11 PM EDT