Darden Restaurants history

1970: General Mills, Inc. acquires the Red Lobster chain.

In 1971 Red Lobster established an in-house department for purchasing seafood on a worldwide scale.

In 1975, when Darden was promoted to Vice President of General Mills, Joseph (Joe) R. Lee, the company's first restaurant manager, was promoted as President of Red Lobster.

In 1976 the General Mills subsidiary opened a microbiology laboratory in Orlando to ensure the quality of its products.

By the end of 1980 Red Lobster, with 260 units and almost $400 million in annual sales, had reached ninth place among fast-food companies and accounted for more than half of total sales by seafood fast-food companies.

Alternatively, however, by 1982 Red Lobster was rated as the nation's largest "dinner-house" restaurant chain, this being the name for a restaurant offering table service and a full lunch and dinner menu.

By early 1983 there were 350 establishments in 36 states.

Accordingly, a prototype unit opened in Kissimmee, Florida, in 1984 was a grazer's delight, with a seafood bar serving up oysters, shrimp, clams, calamari, and other appetizers with drinks, and a glass-enclosed grill where fresh seafood was broiled over mesquite-wood flames.

Under General Mills ownership, Red Lobster expanded into a 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.

McGill, Douglas, “Why They Smile at Red Lobster,” New York Times, April 23, 1989, Sec.

1990: The China Coast restaurant chain is launched.

A 1991 Forbes article found the dinner portions, averaging only $10, enormous, but called the salad soggy with dressing, the chicken bland, and the fettucine alfredo like something out of a TV dinner.

The Olive Garden ended fiscal 1992 with $808 million in sales and 341 outlets.

1993: Olive Garden secures $1 billion in sales.

Operating more than 1,168 units throughout the United States and Canada, Darden Restaurants, Inc. began its existence in 1995 as the world's largest full-service restaurant organization, occupying the casual dining niche between fine dining and quick-service restaurants.

In March 1996, Darden launched a test of a Bahama Breeze Caribbean Grille concept featuring food and drinks found in the islands of the Caribbean Sea and a Caribbean theme.

Despite the company's positive outlook for the future, Darden Restaurants began to experience financial setbacks in 1997 due to market saturation.

Lee predicted that, whether Bahama Breeze went into operation or not, Darden Restaurants would add at least two chains to its repertoire by 1998.

Profits for 1999 reached $140.5 million on revenues of $3.46 billion.

Darden's strategy for 2000 and beyond included a constant reviving of the Red Lobster and Olive Garden chains, expansion of existing new concepts, and the acquisition and development of new concepts.

2001: Darden Restaurants continues expansion; net income reaches a record $197 million.

The number of Bahama Breeze restaurants rose to 21, while nine Smokey Bones were in operation--national expansion for the sports concept was scheduled to begin in 2002.

In 2003, Seasons 52 was under development to "provide guests the opportunity to indulge while still eating well". Seasons 52 restaurants were only being opened in the Florida or Atlanta markets during its initial phase.

Darden announced in January 2007 that the company was willing to expand by purchasing existing 100-location chains or even considering franchisors.

The sale was completed in January 2008.

In 2010, Seasons 52 started a new expansion phase opening up in 11 more states over the next three years.

In January 2011, Darden announced co-locating their Olive Garden and Red Lobster brands in smaller markets to share kitchen but continue separate menus and eating areas.

In July 2012, Darden acquired the Yard House 39 location beer-centric chain for $585 million from TSG Consumer Partners.

On December 23, 2013, Darden's stock rose 3 percent after activist investor Starboard Value, a hedge fund, took a stake in the company.

Darden announced the completion of the sale of Red Lobster on July 28, 2014.

On March 27, 2017, Darden announced its intent to acquire Cheddar's Scratch Kitchen for $780 million from shareholders such as L Catterton and Oak Investment Partners.