Get Your Biscuits Now; Red Lobster May Be Closing It’s Doors!
Mama say no! Don’t take our cheddar biscuits!
It looks like Red Lobster’s time may be limited as the owner of the popular chain Darden is looking to sell the restaurant to increase the bottom line on a restaurant chain that hasn’t shown much growth or increased in popularity in recent years.
Darden also owns Olive Garden, Longhorn Steakhouse among others.
According to AP
Plans also include suspending the opening of new Olive Garden locations and limiting the launch of new LongHorn Steakhouse restaurants. Darden Restaurants Inc. also won’t make any acquisitions of additional brands “for the foreseeable future” and will review senior management’s compensation and incentive programs to put greater emphasis on same-store restaurant sales growth and free cash flow.
That’s not all. Also in the plans is to create a spinoff restaurant that can compete with more popular chains such as Chipotle.
The planned Red Lobster spinoff still awaits final approval from the company’s board, so it probably won’t happen until early fiscal 2015. That will give us plenty of time to imagine what the spinoff will look like (lobster burrito bowl, anyone? cheesy calamari nachos?) while we desperately search for a new fancy date place.
A lobster burrito bowl huh? Who really craves a salmon burger on the run though? Plus, wouldn’t a spinoff in that matter just lower the quality of the food being served even more?
According to the LA Times, “Red Lobster has 705 restaurants in the United States and Canada and had annual sales of $2.6 billion in 2013.”
Stock up on the cheddar biscuits and get your last date nights in quickly. Because just like that you may have to go searching for a brand new place.