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Red Lobster – The Leading American Dining Chain Continues to Rise
Red Lobster is a US-based casual dining restaurant chain operating in Canada, Saudi Arabia, Malaysia, Qatar, United Arab Emirates, Japan and Mexico along with United States. Headquartered in Orlando, Florida, Red Lobster has 705 locations across the world, as of February 2013. Golden Gate Capital has been the parent company of Red Lobster, since Darden Restaurants acquired it on July 28, 2014.
The company announced its new headquarters on August 6, 2014 in CNL Center City Commons, Orlando. Red Lobster opened Restaurant Support Center officially on March 6, 2015. The brand is offering seafood, including shrimps, lobster, crab, fish and mollusks.
According to Daily Mail, Red Lobster has witnessed whopping 33% rise in sales just after an American pop singer Beyonce released her latest song in which she mentioned the seafood dinner from Red Lobster. Famous for cheddar biscuits, the restaurant chain reported huge rise in orders within just 24 hours when she released the track online.
The spotlight of pop culture brought undoubtedly a significant change to Red Lobster, which was sold in July 2014 by Darden Restaurants after suffering consistent decline in sales. According to Forbes, shares of Darden Restaurants were sinking and Red Lobster was soon to be shed and dragging the profitability of restaurant operator down. Darden reported the fourth quarter revenue of $2.32 billion in 2014 due to discontinued operations, against $2.33 billion reported for the same time in 2013.
The chain of Red Lobster corporate franchisee is currently held by a private investment firm, Golden Gate Capital. Now, it has reported sales gains since the separation. Since Beyonce mentioned it in her song, it was also trending on Twitter. Therefore, it’s clear that the singer helped this chain a lot to create some following and the company is grateful to her.
How it started?
Entrepreneurs Charley Woodsby and Bill Darden founded Red Lobster in March 22, 1968. Originally, it was titled as a “Harbor for Seafood Lovers”. The first restaurant was opened in Lakeland, Florida. After that, several other restaurants were opened along the southeast. General Mills owned Red Lobster in 1970 as 5-unit giant. The chain of Red Lobster corporate franchise oversees significant growth with new support, since 1980s.
In the 1980s, the company ventured into Canada market by acquiring Ponderosa restaurant locations in most cases. Generally, the company operates around 25 to 30 locations in Canada, most of them in urban areas of Orlando, one in northern Orlando and smaller number in urban centers in all the Prairie Provinces. It adds great surge in Quebec marketplace in 1997 because of fiscal crisis and never tried to entered British Columbian market. Bill Darden passes away at 75 on March 29, 1994, due to extended illness. Along with Olive Garden and other chains, Red Lobster was acquired by Darden Restaurants, Inc. in 1995. General Mills released Darden in a publicly traded, independent corporation.
According to Time, the Golden Gate Capital is looking forward to own Red Lobster seafood chain from its present owner. So, it’s a great opportunity to own a Red Lobster real estate. Darden Restaurants has announced sale of its business for whopping $2.1 billion. Golden Gate Capital is a private equity firm based in San Francisco. It will buy all of its related assets as well as the well known Red Lobster corporate franchise.
So, it’s a great time to invest in Red Lobster investment property. The price of Red Lobster property is 9 times of 12-month earnings of company. The sale will provide enough of cash to the company. Around $1 billion is planned to be used to retire debt and rest will be utilize on shares repurchase.
Red Lobster Properties For Sale Across the United States :
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