August 17, 2007 |
Darden Restaurants Inc., which operates the Olive Garden and Red Lobster restaurant chains, said Thursday that it agreed to buy the owner of the LongHorn Steakhouse and Capital Grille chains for about $1.19 billion in cash and notes. Darden, the world's biggest casual dining operator, said it would buy all Rare Hospitality International Inc. outstanding stock for $38.15 a share in a tender offer. The price is a 39% premium to Rare's closing price Thursday of $27.51. Clarence Otis Jr.
October 16, 1997
Advertiser: Red Lobster restaurants Agency: Euro RSCG Tatham, Chicago Challenge: Give Red Lobster a fresh image that distinguishes it from other mid-price restaurant chains. The Ads: In its new campaign, Red Lobster, a unit of Darden Restaurants Inc., portrays dining at its restaurants as a break from routine. One spot opens as a tumbleweed rolls across a western landscape. "Life on land is dry," says the voice-over.
March 25, 1999
Iacocca's Latest: Former Chrysler Chairman Lee Iacocca has had mixed success with his business ventures after retiring from the auto maker. Today he will introduce his latest venture, the "E-Bike," billed as the most advanced electric vehicle in mass production. It's the first in a series of light electric vehicles that will be distributed by Iacocca's EV Global Motors Co. Chinese-U.S.
September 29, 2012
Sears Holdings Corp., in an effort to control its healthcare costs, has joined a private insurance exchange and will provide employees with a fixed allowance to buy insurance. The retailer, which has more than 90,000 workers eligible for coverage, becomes one of the largest U.S. employers to move away from traditional defined benefit health plans in favor of an approach that effectively shifts the choice of health insurance from companies to workers. Sears said it was optimistic that more choice and competition would drive down healthcare costs.
January 6, 2001
Advantica Restaurant Group Inc. has selected the president of El Pollo Loco to head the South Carolina restaurant company. The new chief executive, Nelson J. Marchioli, joined Irvine-based El Pollo Loco in 1997, when the quick-service, flame-broiled chicken chain was owned by Advantica. The company, which also owns the Coco's and Carrows chains, sold El Pollo Loco a year ago to focus on its family-dining operations. Now, Advantica is trying to sell FRD Acquisition Co.
December 20, 2012 |
Darden Restaurants Inc.'s second quarter was far from appetizing, as the owner of Olive Garden and Red Lobster watched its net income plunge 37%. The Orlando, Fla., restaurant company saw the sour numbers coming. Earlier in December, citing a litany of factors including negative blow-back over its response to the new national healthcare law, ineffective promotions and Superstorm Sandy -- for its decision to lower expectations for the quarter. The prophesies came to pass: On Thursday, Darden executives said same-store sales at U.S. restaurants open at least a year tumbled a disappointing 2.7% for its three main chains for the period ended Nov. 25. At Olive Garden, which has struggled for months to counteract disappointing sales with refreshed stores and national specials, sales sank 3.2%.
August 22, 2012 |
Diners at Boston Market will have to taste their food before pouring on the salt after the restaurant chain decided to take shakers off tables and put them out of reach at the condiment station. Some may call it nanny dining, but it's the latest in a series of moves by the restaurant industry to cut back on sodium levels to promote healthier eating. Last fall, Olive Garden and Red Lobster parent Darden Restaurants promised to cut sodium in all its restaurants. As of last summer, Carl's Jr. had reduced the sodium in its hamburger buns 20%. El Torito and Taco Bell have also reduced sodium use. Still, according to research group Technomic last year, salt's presence on menus has boomed 144% in five years.
October 24, 1996 |
Restaurants won a battle with the Internal Revenue Service this week when a federal court ruled that the agency cannot use an indirect auditing method--looking at credit card receipts--to force employers to pay back payroll taxes on undeclared tips. If the ruling stands, it might encourage the IRS to more vigorously pursue waiters and waitresses for tax payments on unreported tip income. The ruling could, however, eliminate a headache for restaurant executives, who say the practice was unfair.