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Darden Restaurants, Inc.

Darden Restaurants, Inc.
Orlando-based Darden Restaurants is considered the world's largest casual dining restaurant company in terms of market share and annual sales. Restaurant entrepreneur Bill Darden, who opened the first Red Lobster restaurant in Lakeland in 1968, founded the company. Darden is considered one of the pioneers in the development of full-service chain restaurants in the United States.

Since its founding, it has grown to operate more than 1,700 restaurants in North America with about 170,000 employees. Darden was a subsidiary of General Mills from 1970 until 1995, when it was spun off as a separately held publicly traded company. The company's headquarters was moved to Orlando when it beca...
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Orlando-based Darden Restaurants is considered the world's largest casual dining restaurant company in terms of market share and annual sales. Restaurant entrepreneur Bill Darden, who opened the first Red Lobster restaurant in Lakeland in 1968, founded the company. Darden is considered one of the pioneers in the development of full-service chain restaurants in the United States.

Since its founding, it has grown to operate more than 1,700 restaurants in North America with about 170,000 employees. Darden was a subsidiary of General Mills from 1970 until 1995, when it was spun off as a separately held publicly traded company. The company's headquarters was moved to Orlando when it became a division of General Mills.

Darden is most closely associated with its two largest restaurant brands: Red Lobster and Olive Garden. Both of those chains now have more than 600 locations. The company's attempt to diversify its restaurant holdings has had mixed results. In 1995, Darden shut down an internally developed Chinese restaurant chain called China Coast. Since its spin-off, Darden has also created a barbecue and sports bar-themed restaurant group called Smokey Bones, a Caribbean-themed chain called Bahama Breeze, and a higher-end group of restaurants called Seasons 52. The company announced its intention to sell its Smokey Bones restaurants in May 2007, admitting that the brand did not have the potential to become a national chain. In August, Darden agreed to purchase Rare Hospitality International, which operates the LongHorn Steakhouse and Capital Grille restaurant chains, for an estimated value of $1.4 billion.

Clarence Otis, who took over the company from long-time chief Joe Lee in 2005, serves as chairman and chief executive officer. Darden posted $5.6 billion in annual sales in fiscal year 2007. Its shares are traded on the New York Stock Exchange under the ticker symbol DRI.
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  • Changes coming slowly so far at Darden Restaurants

    Changes coming slowly so far at Darden Restaurants
    After 74 days of new leadership at Darden Restaurants, Olive Garden breadsticks are still unlimited, LongHorn Steakhouses don't pay rent and Seasons 52 is under the same ownership.
  • Five things for Wednesday, Dec. 17

    Five things for Wednesday, Dec. 17
    Here are your stories for Wednesday: SeaWorld lays off mimes; Darden posts 32.8 million loss; Former Fla Gov. Jeb Bush eyes presidential run; and more. 1. SeaWorld announced layoffs last week. Yesterday the ax fell on three mimes that performed with the...

    Darden reports $32.8 million loss

    Darden reports $32.8 million loss
    Darden Restaurants reported a $32.8 million quarterly loss Tuesday, with the new management conceding that the makeover of the casual-dining giant is going to take more time. "These initiatives are not a quick fix," said interim CEO Gene Lee....

    Darden cuts staff, will save $20 million

     Darden cuts staff, will save $20 million
    Darden Restaurants said Tuesday it is cutting 60 corporate employees, including three executives, as part of a plan to save up to $20 million a year. The reductions at the Orlando-based company include jobs in marketing, development, aviation,...

    Darden's new board wants to change oversight rules

    Darden's new board wants to change oversight rules
    Darden Restaurants won't be able to ignore calls from shareholders for special meetings under a new set of corporate governance rules proposed Thursday. The company's new board of directors, led by Starboard Value CEO Jeff Smith, wants to pass a rule...