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Newsrestaurants

Darden Restaurants Completes Acquisition of Ruth’s Hospitality Group

by Katie Lee

Orlando, Fla. — Darden Restaurants, Inc. has completed its acquisition of Ruth’s Hospitality Group, Inc. The Ruth’s Chris Steak House brand now joins and complements Darden’s portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Ruth’s Chris has 155 locations around the globe, including 81 company-owned or company-operated restaurants and 74 franchised restaurants. The $715 million acquisition was completed on June 14, 2023. Following the consummation of the merger, Ruth’s became an indirect, wholly …

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franchise developmentNewsrestaurants

Darden Restaurants to Acquire Ruth’s Hospitality Group in $715 Million Transaction

by Katie Lee

Orlando, Fla. — Darden Restaurants, Inc. and Ruth’s Hospitality Group, Inc. have entered into a definitive merger agreement in which Darden will acquire all of the outstanding shares of Ruth’s in an all-cash transaction with an equity value of approximately $715 million. Ruth’s, owner and operator of Ruth’s Chris Steak House, will complement Darden’s portfolio of differentiated brands which currently includes Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Ruth’s Chris was founded in 1965 in New Orleans by …

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Newspeoplerestaurants

Darden Restaurants Announces Upcoming CEO Transition

by Katie Lee

Orlando, Fla. — Darden Restaurants, Inc. has announced that Eugene (Gene) I. Lee, Jr., chairman and chief executive officer, will retire as CEO effective May 29, 2022. Lee will continue to serve on Darden’s board of directors as executive chairman until the 2022 Annual Meeting of Shareholders. At that time, Lee is expected to stand for re-election to the board and continue to serve as chairman in a non-executive capacity. The board has unanimously elected Ricardo (Rick) Cardenas, Darden’s current president and chief operating officer, as chief executive officer, as …

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Newsrestaurants

Darden Restaurants Reports 28.4% Slide in Fiscal First-Quarter Sales

by Katie Lee

Orlando, Fla. — Darden Restaurants Inc. has reported its sales fell 28.4% in its fiscal first quarter, which ended Aug. 30. The Orlando, Fla.-based company owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reported that sales in its fine dining restaurants fell 38.9% year-over-year. Sales at Olive Garden slid 27.7%, while LongHorn saw a decrease of 16.3%. At the beginning of its first quarter, Darden had 68% of restaurants in its portfolio open, compared …

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construction and designNews

Englewood Construction Chosen For 7 Retail/Restaurant Projects

by Katie Lee

Chicago — Englewood Construction has begun construction on two Outback Steakhouse restaurants in Illinois, and has recently completed an Olive Garden Italian Restaurant in Utah. The national general contractor has also completed a new Trader Joe’s in Iowa (pictured here), and started interior remodeling projects for three test kitchens and training facilities for US Foods in California, Arizona and Maryland.

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