Listen Live
Fantastic Voyage Generic Graphics Updated Nov 2023
Black America Web Featured Video
CLOSE

NEW YORK (AP) — 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.

The move comes as Darden, which also owns Olive Garden, fights to improve its financial performance.

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.

Investors haves challenged Darden’s plans to sell only Red Lobster, saying that the company to separate Olive Garden and Red Lobster as a pair from its more successful specialty restaurant group.

Darden, based in Orlando, Florida, has said that Olive Garden complements its portfolio of smaller restaurant chains that cater to customers willing to spend more.

Like BlackAmericaWeb.com on Facebook. Follow us on Twitter.

REGISTER NOW for the 2014 Allstate Tom Joyner Family Reunion taking place August 28- September 1, 2014 in Orlando, Florida! For booking information, call 407-248-9191.

(Photo Source: AP)