Darden sells REd Lobster for $2.1 billion

Discussion in 'Too Hot for Swamp Gas' started by g8orbill, May 16, 2014.

  1. g8orbill
    Offline

    g8orbill Gators VIP Member

    Joined:
    Apr 3, 2007
    Messages:
    69,777
    Likes Received:
    4,301
    Trophy Points:
    113
    Location:
    Clermont, Fl
    Ratings Received:
    +8,672
    http://finance.yahoo.com/news/darden-announces-sale-red-lobster-121818379.html

    Investors have challenged Darden's plans to sell only Red Lobster, saying that the company should separate Olive Garden and Red Lobster as a pair from its other, more successful chains, which include Longhorn Steakhouse and Capital Grille.

    There are about 700 Red Lobster locations and 830 Olive Gardens in North America.

    After the transaction costs, Darden said it expects proceeds of $1.6 billion, of which $1 billion will be used to retire outstanding debt. The company said it expects the deal to close in its first fiscal quarter.

    Shares of Darden, based in Orlando, Florida, slipped 1 percent to $50.10 in premarket trading.
    • Informative Informative x 1
  2. HallGator
    Offline

    HallGator Administrator VIP Member

    Joined:
    Apr 3, 2007
    Messages:
    43,164
    Likes Received:
    879
    Trophy Points:
    113
    Location:
    Outer Limits
    Ratings Received:
    +3,250
    The employees have been speaking of this as a done deal for a few months now. While my wife likes RL I don't particularly care for it. Think it is overpriced for the most part.
    • Agree Agree x 2
  3. rivergator
    Online

    rivergator Well-Known Member

    Joined:
    Apr 8, 2007
    Messages:
    31,550
    Likes Received:
    344
    Trophy Points:
    83
    Ratings Received:
    +1,645
    I went a few months back for the first time in years. Wasn't impressed at all.
  4. tim85
    Online

    tim85 Well-Known Member

    Joined:
    Nov 3, 2009
    Messages:
    4,033
    Likes Received:
    298
    Trophy Points:
    83
    Location:
    Jacksonville, FL
    Ratings Received:
    +1,105
    Yeah, would rather go to a local seafood joint as opposed to a chain anyhow.
    • Agree Agree x 2
  5. PSGator66
    Offline

    PSGator66 Well-Known Member

    Joined:
    Apr 29, 2011
    Messages:
    6,297
    Likes Received:
    152
    Trophy Points:
    63
    Ratings Received:
    +672
    I always thought of RL as a seafood place for those nowhere near the ocean and fresher fish.
    • Winner Winner x 1
  6. tilly
    Online

    tilly Superhero Moderator VIP Member

    Joined:
    May 31, 2007
    Messages:
    19,655
    Likes Received:
    679
    Trophy Points:
    113
    Location:
    Wilmington, NC via FLA
    Ratings Received:
    +2,436
    Living at the beach, I only eat fresh local seafood, Sometimes grab lunch at RL for business when traveling but thats it....(but RL does have great cheddar bay biscuits...lol)

    The RL here in Wilmington NC closed years ago, before I arrived, 400,000 people and none of them want chain seafood. We have some of the best local places I have ever seen.
    • Like Like x 1
  7. tegator80
    Online

    tegator80 Well-Known Member

    Joined:
    May 29, 2007
    Messages:
    5,028
    Likes Received:
    896
    Trophy Points:
    113
    Location:
    Richmond, VA
    Ratings Received:
    +1,868
    The amount sounds kind of low. RL is everywhere. My guess is that the business model (seafood at decent prices not close to the sea) isn't working anymore and they hope to get out before it dies completely. I have always thought that RL and Long John Silvers were pretty amazing. Not that I go there if I am around the ocean but the economics and delivery systems are pretty challenging.
    • Agree Agree x 1
  8. harwil
    Offline

    harwil Premium Member

    Joined:
    Apr 16, 2007
    Messages:
    1,728
    Likes Received:
    27
    Trophy Points:
    48
    Ratings Received:
    +130
    in the 60's and early 70's there was a restaurant on South 13th Street ,going south on the right on Bivens Lake which had shrimp scampi and was a prototype for a Red Lobster, only much better.Any one remember the name?Dean Mead Gator,maybe?
  9. g8orbill
    Offline

    g8orbill Gators VIP Member

    Joined:
    Apr 3, 2007
    Messages:
    69,777
    Likes Received:
    4,301
    Trophy Points:
    113
    Location:
    Clermont, Fl
    Ratings Received:
    +8,672
    Harry's?
    Cedar River?
  10. 92gator
    Offline

    92gator Well-Known Member

    Joined:
    Jun 14, 2007
    Messages:
    5,887
    Likes Received:
    296
    Trophy Points:
    83
    Ratings Received:
    +807
    FWIW:

    In 1968 in Lakeland, Florida, Bill Darden and Joe Lee started the first of our seafood restaurants. The first Red Lobster was built on the simple premise of great service, tasty food and value pricing. By the 1970s the idea had taken off and they expanded throughout the Southeast, establishing the Red Lobster restaurants as the leader not only in chain seafood restaurants but in the broader scope of casual dining.

    http://www.redlobster.com/lobster/seafood_restaurants.htm
    And:

    The Original Red Lobster - Lakeland, FL

    Landlocked Lakeland, Florida is the home of the original Red Lobster restaurant. Bill Darden founded Red Lobster in 1968 at this location on Lake Parker. The brand was acquired by General Mills in 1970, which expanded Red Lobster from five restaurants to a nationwide chain of hundreds of restaurants. Then, in 1995, General Mills spun off its restaurant division and Darden Restaurants was formed.

    This restaurant closed around 1996 and moved to Darden's former China Coast Grill building at 3706 US Highway 98 North. Today the former Red Lobster is occupied by Ale Gators, a half restaurant half nightclub (not good at either) which was closed when I took these photos despite the hours posted on the door.

    Location: 1330 East Memorial Blvd, Lakeland, Florida

    To view photo of the building that housed 'The Original Red Lobster', see link:

    https://www.flickr.com/photos/drewcjm/4878964798/

    • Informative Informative x 2
  11. gator421
    Offline

    gator421 Premium Member

    Joined:
    Apr 3, 2007
    Messages:
    2,060
    Likes Received:
    39
    Trophy Points:
    48
    Ratings Received:
    +119
    Memeorial, Blvd. and the surrounding area has taken a steep dive since those days. Tough place to make anything go these days, unless, you cash checks.
  12. SurfinG8or
    Offline

    SurfinG8or Well-Known Member

    Joined:
    Apr 3, 2007
    Messages:
    1,099
    Likes Received:
    42
    Trophy Points:
    48
    Location:
    Central Florida
    Ratings Received:
    +118
    Have you been to the Outer Banks? I'm sure the Wilmington seafood is on par. I was ruined after spending 2 weeks there.
  13. geauxgator1
    Offline

    geauxgator1 Well-Known Member

    Joined:
    Nov 28, 2010
    Messages:
    6,855
    Likes Received:
    1,930
    Trophy Points:
    113
    Ratings Received:
    +2,753
    I like their baked potatoes
    • Like Like x 1
  14. harwil
    Offline

    harwil Premium Member

    Joined:
    Apr 16, 2007
    Messages:
    1,728
    Likes Received:
    27
    Trophy Points:
    48
    Ratings Received:
    +130
    No,Cedar River was a Jax chain.Harry's was a Billy Shields' chain.
  15. g8orbill
    Offline

    g8orbill Gators VIP Member

    Joined:
    Apr 3, 2007
    Messages:
    69,777
    Likes Received:
    4,301
    Trophy Points:
    113
    Location:
    Clermont, Fl
    Ratings Received:
    +8,672

    those little turd potatoes-they used a 100 count bake

    and 421-that building still stands that was the original RL
    • Funny Funny x 1
  16. geauxgator1
    Offline

    geauxgator1 Well-Known Member

    Joined:
    Nov 28, 2010
    Messages:
    6,855
    Likes Received:
    1,930
    Trophy Points:
    113
    Ratings Received:
    +2,753
    I still like them
    • Like Like x 1
    • Funny Funny x 1
  17. g8orbill
    Offline

    g8orbill Gators VIP Member

    Joined:
    Apr 3, 2007
    Messages:
    69,777
    Likes Received:
    4,301
    Trophy Points:
    113
    Location:
    Clermont, Fl
    Ratings Received:
    +8,672

    hahahaha-it is okay that you do
    • Like Like x 1
  18. cocodrilo
    Offline

    cocodrilo Well-Known Member

    Joined:
    Apr 8, 2007
    Messages:
    11,067
    Likes Received:
    124
    Trophy Points:
    63
    Ratings Received:
    +773
    My guess is that too many customers forget to pay.
  19. shelbygt350
    Offline

    shelbygt350 Well-Known Member

    Joined:
    Apr 3, 2007
    Messages:
    5,498
    Likes Received:
    197
    Trophy Points:
    63
    Ratings Received:
    +704
    Is Jameis involved in purchase?
    • Funny Funny x 2
  20. GatorGrowl
    Offline

    GatorGrowl Forum Admin Staff Member GC Staff VIP Member

    Joined:
    Jan 19, 2012
    Messages:
    316,438
    Likes Received:
    1,077
    Trophy Points:
    464
    Location:
    Jacksonville
    Ratings Received:
    +2,242
    I like RL okay, but not so much for seafood as their specialty dishes with seafood. IOW, if I want shrimp, oysters... I will go to a local place (St. John's Seafood or Crystal River), but for crab linguine or shrimp scampi I do not mind RL.

    https://www.lovethatseafood.com/ordereze/default.aspx
    • Agree Agree x 2

Share This Page