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Are Red Lobster Restaurants Closing?

Red Lobster New Hartford Closing
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Are Red Lobster Restaurants closing? When we woke up on December 26th we thought that may be the case, but according to the company it’s still open. 

The La Weekly reported, Darden (the parent company of Red Lobster) would either sell or spin off its Red Lobster restaurants nationwide. However, according to the company that may not be the case. Here’s what they are laying out:

ORLANDO, Fla., Dec. 19, 2013 /PRNewswire/ — Darden Restaurants, Inc. (NYSE: DRI) announced today that its Board of Directors has approved a comprehensive plan to enhance shareholder value, address changing industry dynamics in the casual dining sector and leverage the benefits of the Company’s position as the premier casual dining restaurant company. The elements of this comprehensive plan include the following:

Separate the company’s Red Lobster business: Although no final decision has been made on the form of the separation, the Company expects to execute a tax-free spin-off of Red Lobster to its shareholders, but may also consider a sale of the Red Lobster business.

 

You can read a full press release from the company here. Our friends at BallerStatus report Red Lobster has 705 restaurants in the U.S. and Canada.

So don’t say goodbye to our friends, and of course the cheesy biscuits just yet.

 

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