December 6, 2012 |
Darden Restaurants Inc., the parent of eateries such as Olive Garden and Red Lobster, said it will not bump any of its full-time employees down to part-time status to save on healthcare costs once President Obama's reforms go into effect. Come 2014, when the healthcare law is set to go into effect, Darden said its 45,000 full-time workers will keep their status. All full-timers, whether hourly or salaried, will have access to the same insurance coverage, the company said. Video chat: Join us at 2:30 p.m. The Orlando, Fla., business has 185,000 employees in total, three quarters of them part-time.
December 4, 2012 |
Darden Restaurants Inc. won't be looking as good as expected next week when the restaurant company is set to release its second-quarter earnings, it said Tuesday. The Olive Garden, Red Lobster and LongHorn Steakhouse parent lowered its profit and revenue projections for the quarter ended Nov. 25, blaming sour promotions in its eateries, Superstorm Sandy, its purchase of the Yard House USA chain and even its efforts to mitigate the coming costs of healthcare reform, also known as "Obamacare.
July 12, 2012 |
Darden Restaurants Inc., the owner of Olive Garden and Red Lobster, will buy Irvine-based restaurant chain Yard House USA Inc. for $585 million in cash. The deal with Yard House owner TSG Consumer Partners will place the chain -- known for its vast selection of draft beers -- in Darden's Specialty Restaurant Group, which includes the Capital Grille, Bahama Breeze, Seasons 52 and Eddie Vs. The more upscale restaurants help appeal to younger and higher-income guests than Darden's more widespread brands.
June 22, 2012 |
Darden Restaurants Inc.'s efforts to spruce up Olive Garden's lagging sales, including national promotions and cost cuts, were “less effective than anticipated,” the company said while announcing its fiscal fourth-quarter earnings Friday. Similar tactics were also uninspiring at Darden's seafood chain, Red Lobster. After a brief respite during the spring, Italian brand Olive Garden returned to its pattern of poor same-store sales, which tumbled 1.8% over the quarter ended May 27 compared with a year earlier, while customer traffic fell 7.5% in May. Red Lobster's same-store sales slid 3.9% over the quarter and customer traffic in May slumped 7.8% With sales of $904 million, Olive Garden is Darden's largest chain.
May 1, 2012 |
Asian-themed restauranteur P.F. Chang's China Bistro Inc. will go private for $1.1 billion in a deal with private equity firm Centerbridge Partners after attempting to refresh its image and offerings. The Scottsdale, Ariz., company, which operates its namesake upscale casual dining spots as well as fast-casual Pei Wei Asian Diners, has struggled to catch up to competitors who are now enjoying post-recession sales and traffic highs . Last month, it introduced a new lunch menu.
April 30, 2012 |
Restaurateurs are in a chipper mood these days, with the majority reporting customer and revenue gains; they also plan expansion, remodeling or equipment purchases. The Restaurant Performance Index from the National Restaurant Assn. hit the same post-recession high in March that it did in December. The 102.2 level - a 0.3% increase from February - signals expansion in the industry, as the index has done for the last five months. Eateries had to make many adjustments during and after the downturn.