Investors In Olive Garden's Parent Company Have Suffered Long Enough Declares Hedge Fund As Annual Meeting Is Delayed
The parent company of Olive Garden, Longhorn Steakhouse and other fast casual dining chains delayed its annual shareholder meeting amid allegations it was giving different information out to different classes of investors regarding the sale of Red Lobster. Activist investor Starboard Capital isn't happy with the move.
Darden Chairman And CEO Will Step Down As Red Lobster Sale Closes
Darden Restaurants announced late Monday that CEO Clarence Otis will be stepping down after 10 years with the fast casual dining giant. His departure follows the company's sale of Red Lobster to private equity firm Golden Gate Capital.
Darden Sees Profit Drop 35% After Red Lobster Sale Announcement
The parent company of Olive Garden and Red Lobster missed analyst earnings estimates for the fourth quarter. Executives, who are facing shareholder opposition to the $2.1 billion sale of Red Lobster, called fiscal 2014 "a year of transformation."
How Red Lobster Got Trapped Between Its Parent Company And Activist Investors
Darden says its sale last month of the seafood restaurant chain for $2.1 billion was full and fair. Activist investors say it was a scorched earth tactic meant to save the jobs of executives. A showdown is set for the company's annual meeting later this year.
High Cost Of Shrimp And Lack Of Customers Lead To 18% Earnings Drop For Red Lobster Owner
The company said in an earnings call Friday morning that the quarter was "challenging," especially at Red Lobster, which the company is trying to spin off. Darden's CEO also urged shareholders to communicate with the company instead of holding a special vote on the spin-off or sale that an activist hedge fund has been fighting for in recent months.
Darden Earnings Could Bring Fight Over Red Lobster Spin Off To Screaming Boil
Darden Restaurants reports earnings tomorrow, and another weak report could be enough to move shareholders to side with an activist hedge fund that is trying to stop the company from spinning off its chain of Red Lobster restaurants.
What Went Wrong For Olive Garden And Red Lobster
The hedge fund Barington Capital Group is mounting a campaign to break up the parent company of Olive Garden and Red Lobster, Darden Restaurants, in part because of the abysmal performance of those two chains. Here's a look at how they fell so far so fast.