As expected, Red Lobster has finally been sold, as Darden Restaurants passed it along to Golden Gate Capital, who paid a hefty $2.1 billion for it. In cash.
According to the Associated Press, the fact that Red Lobster struggles to draw a certain clientele fueled its sale:
USA Today notes that Red Lobster sales had dropped by nearly 9 percent to $611 million last year. Darden will retain Olive Garden, which it believes can be revamped. At the moment, there's no word on what Golden Gate Capital plans to do with Red Lobster.
[via Associated Press and USA Today]
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