Olive Garden Parent Company to Sell Off Red Lobster for $2.1 Billion [VIDEO]
Red Lobster has always been one of those places I really like, but just never get to very often. Maybe it’s because the Flint location on Pierson Road is out of the way (for me anyway), and therefore not top of mind, or maybe it’s because Mrs. McIntyre isn’t as enthusiastic about seafood as I am. (Read: She doesn’t like seafood at all!)
Darden Inc., the company that owns Red Lobster and Olive Garden, has announced its plan to sell off the seafood chain for $2.1 billion. The buyer is Golden Gate Capital, which owns Payless Shoes, Eddie Bauer, and other chain establishments.
There are about 700 Red Lobster locations nationwide. Its 27 Michigan locations include Flint, Saginaw, Bay City, and Lansing.
Reports say Olive Garden and Red Lobster have been losing customers recently, and Darden hopes to bring Olive Garden back into profitability once the deal is closed.