Darden Restaurants Sells Red Lobster for $2.1 Billion

Published 05/16 2014 01:18PM

Updated 05/16 2014 01:21PM

Restaurant chain Red Lobster is getting a new owner. Darden Restaurants announced today it's selling the chain to Golden Gate Capital for $2.1 billion. Darden says the sale is not subject to shareholder approval.

Golden Gate will have its work cut out for it. Red Lobster's same-store sales in the U.S. tumbled 8.8 percent during the first three months of 2014.

It's not clear if Golden Gate plans to close stores as part of the acquisition. The private equity firm did not respond to a request for comment.

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