Darden Restaurants 1176801 224156318 2008-07-07T16:01:34Z Jerem43 2189852 [[WP:UNDO|Undid]] revision 224138621 by [[Special:Contributions/125.162.10.65|125.162.10.65]] ([[User talk:125.162.10.65|talk]]) RVV - more summertime boredom from the IP Vandals {{Infobox_Company | company_logo = [[Image:Darden logo.png]] | company_name = Darden Restaurants, Incorporated | parent = | company_type = [[Public company|Public]] ({{Nyse|DRI}}) | company_slogan = | foundation = 1968 | founder = | location = 5900 Lake Ellenor Dr.<br/>Orlando, FL 32809 | key_people = Clarence Otis, Jr., Chairman and [[CEO]]<br/>Andrew H. "Drew" Madsen [[COO]]<br/>Valerie K. "Val" Collins [[CIO]]/[[SVP]]<br/>Richard Monroe, Executive Vice President | industry = [[Restaurant]] | num_employees = 156,500 (2007)<ref name="dri"/> | revenue = {{profit}} $5.567 billion[[USD]] (2007)<ref name="dri"/> | profit = {{profit}} $1.308 billion [[USD]] (2007)<ref name="dri"/> | operating_income = {{profit}} $530.8 million [[USD]] (2007)<ref name="dri"/> | net_income = {{loss}} $201.4 million [[USD]] (2007)<ref name="dri"/> | homepage = [http://www.darden.com Darden.com] }} '''Darden Restaurants, Inc.''' is a multi-brand [[restaurant]] operator. The firm owns several [[casual dining]] [[restaurant chains]], most notably [[Red Lobster]] and [[Olive Garden]]. Darden owns and operates more than 1,700 restaurant locations throughout [[North America]] and has more than 157,000 employees, making it the world's largest restaurant operator in terms of revenue. Darden does not [[franchising|franchise]] its restaurants in the United States, but many of its international locations are not under corporate control.<ref name="darden">{{cite web |url=http://www.darden.com/ |title=Darden is the largest casual dining restaurant owner in the world. |author=DRI publication|publisher=Darden Restaurants, Inc. |date= |accessdate=2007-11-24}}</ref><ref name="dri">{{cite web |url=http://www.hoovers.com/darden/--ID__43598--/free-co-factsheet.xhtml |title=Darden Restaurants, Inc |author= Joe Bramhall |publisher=[[Hoover's]] |date= |accessdate=2007-11-14}}</ref> ==History== What would become to be known as Darden Restaurants began when William (Bill) Darden founded the Red Lobster Inns of America and opened the first Red Lobster restaurant in [[Lakeland, Florida]] in 1968.<ref name="rlia">{{cite web |url=http://custom.marketwatch.com/custom/nyt-com/html-companyprofile.asp?MW=http://marketwatch.nytimes.com/custom/nyt-com/html-companyprofile.asp&symb=DRI&sid=14574#compinfo |title=Darden Restaurants, Inc. |author=MarketWatch.com |publisher=The New York Time |date= |accessdate=2007-11-24}}</ref> Mr. Darden chose Lakeland because he wished to see how the concept would fare in a non-coastal region, and Lakeland was the innermost city in Florida. The store became hugely successful and by 1970 had expanded to three locations in the state with two more under construction. While the locations were profitable, the company lacked the resources to expand further, so Mr. Darden sold the company to food giant [[General Mills]] that year. General Mills upgraded the chain to a more casual dining/family fare oriented format, opened a new corporate headquarters in [[Orlando, Florida]] and installed Darden as company president. In 1975, when Darden was promoted to the position of Vice President of operations for the restaurant unit, Joseph (Joe) R. Lee, the companies first restaurant manger, was made President of Red Lobster.<ref name="answers">{{cite web |url=http://www.answers.com/darden+restaurants?cat=biz-fin |title=Darden Restaurants |Author= |publisher=[[Answers.com]] |date= |accessdate=2007-11-14}}</ref> Under General Mills, Red Lobster grew into a successful chain of almost 400 locations by 1985. The company underwent several restructurings and transformed itself from an inexpensive fast-food seller into a chain of casual dining seafood restaurants by 1988.<ref name="answers"/> ===Diversification=== One of the companies first venture into the diversification of its portfolio was the [[York Steak House]] chain of English-themed steak and chop restaurants in the 1970s. The [[Franchising|franchised]] steak and potatoes restaurant was a [[cafeteria-style restaurant]] with [[salad bar]] and hot station. By the end of the 1980s, the chain had been mostly closed down, however some independent locations still exist.<ref>{{cite web |url=http://zaptoreading.smugmug.com/gallery/49487#1724334 |title=York Steak House photo galley |author=Sam Reading|publisher=Smugmug.com |date=[[2003-12-26]] |accessdate=2007-11-14}}</ref><ref>{{cite web |url=http://www.mytravelguide.com/restaurants/profile-37999405-United_States_Ohio_Columbus_York_Steak_House.html |title=Travel guide listing for York Steak House in [[Columbus, Ohio]] |publisher=Mytravelguide.com |accessdate=2007-11-14}}</ref> In [[1982]], opened the first [[Olive Garden]] concept store in Orlando. The chain took off, and by [[1989]] General Mills had opened over 145 stores, making the chain the fastest-growing unit in the company's restaurant holdings. While Olive Garden did not meet critical success, it was popular, and its per-store sales soon grew to match those of Red Lobster. The company eventually became the largest chain of Italian-themed full-service restaurants in the U.S. The company helped bolster its Italian bona fides opening the [[Culinary Institute of Tuscany]] in [[Tuscany, Italy]], a training facility designed to allow its chefs to become fluent in [[Italian cuisine]] in an authentic Italian setting.<ref name="answers"/> [[China Coast]] was an attempt to create a (U.S.) national casual dining restaurant that featured [[American Chinese cuisine]]. While the chain eventually expanded to some 50 restaurants, its sale were lackluster and lost an estimated $20 million [[USD]]. By the end of [[1995]], the company was shuttered, and the remaining locations were either converted to Red Lobsters or Olive Gardens or closed altogether.<ref name="answers"/><ref>{{cite web |url=http://query.nytimes.com/gst/fullpage.html?res=990CE4DA1130F930A1575BC0A963958260&n=Top/News/Business/Companies/Darden%20Restaurants |title=Darden to close its China Coast Restaurants |author= |publisher=The New York Times |date=[[1995-10-23]] |accessdate=2007-11-14}}</ref> [[Bahama Breeze]] features a Caribbean theme, food and drinks found in the islands of the [[Caribbean Sea]]. Created in 1996.<ref name="rlia"/> [[Smokey Bones]] is a sports bar concept featuring barbecue and related foodstuffs in an Appalachian mountain-lodge setting. Created in [[2000]]. Sold in 2008. [[Seasons 52]] created in [[2003]] [[Rocky River Grill House]] ([[2006]] - [[2007]]) ===Acquisitions=== In August 2007, Darden acquired rival [[Atlanta, Georgia|Atlanta]]-based restaurant holder Rare Hospitality for $1.4 billion [[USD]], gaining Rare's two chains, the [[The Capital Grille]] and [[LongHorn Steakhouse]]. Unlike Darden, Rare franchised its LongHorn concept and has not announced plans beyond executive structure.<ref>{{cite web |url=http://www.bizjournals.com/atlanta/stories/2007/08/13/daily41.html?ana=from_rss |title=Rare Hospitality sold to Orlando company for $1.4 billion |author= |publisher=Atlanta Business Chronicle |date=[[2007-08-13]] |accessdate=2007-12-11 |quote=Darden Restaurants Inc., the owner of Red Lobster, Bahama Breeze and Olive Garden, has bought Rare Hospitality International Inc. for $38.15 a share, or $1.4 billion.}}</ref> [[LongHorn Steakhouse]] (2007) [[The Capital Grille]] (2007) ===Divestiture=== By the end of its fiscal year in 1995, Red Lobster was operating 1,250 stores in 49 states and Canada. Darden Restaurants was spun off from [[General Mills]] beginning on May 9, 1995 when it began trading on [[when-issue]] basis at $9.75 a share.<ref>{{cite web |url=http://query.nytimes.com/gst/fullpage.html?res=990CEFD91E39F933A25756C0A963958260&n=Top/News/Business/Companies/Darden%20Restaurants |title=General Mills dips as spinoff opens at low price |author= |publisher=The New York Times |date=[[1995-05-12]] |accessdate=2007-11-14}}</ref> The company became a fully separate entity on May 31, 1995 when its shares went on sale on the [[NYSE]]. The shares opened at $10.75, 17% below expectations, but climbed to $11.125 by the close of trading.<ref>{{cite web |url=http://query.nytimes.com/gst/fullpage.html?res=990CE2D7163EF932A05756C0A963958260&n=Top/News/Business/Companies/Darden%20Restaurants |title=Darden Shares Begin Trading |author= |publisher=The New York Times |date=[[1995-05-31]] |accessdate=2007-11-14}}</ref> In December 2007, Darden announced that it will be selling its Smokey Bones chain to Barbeque Integrated, Inc., an affiliate of [[Sun Capital Partners]], Inc., for approximately $80 million. The sale was completed in January, 2008.<ref>{{cite web |url=http://www.orlandosentinel.com/business/local/newsletter/orl-biznews-darden010407,0,6637844.story |author= |publisher=The Orlando Sentinel |date=[[2008-01-04]] |title=Darden Restaurants closes on sale of Smokey Bones chain |accessdate=2008-01-16}}</ref><ref name="rlia"/> ==References== {{reflist}} *[http://topics.nytimes.com/top/news/business/companies/darden_restaurants/index.html Darden Restaurants NYT] ==See also== * [[Applebee's]] * [[Brinker International]] (operator of [[Chili's]]) * [[OSI Restaurant Partners]] (operator of [[Outback Steakhouse]]) ==External links== *[http://www.darden.com Darden Restaurants, Inc. Official Website] {{Darden}} [[Category:Companies based in Orlando, Florida]] [[Category:Companies established in 1995]] [[Category:Darden Restaurants| ]] [[Category:Food companies of the United States]] [[Category:Restaurants in Florida]] [[de:Darden Restaurants]]