LZ Granderson grew up poor, and a real treat once or twice a year was to go to Red Lobster; The chain is in financial trouble, … Darden this month announced plans to separate Red Lobster's 705 locations from the rest of its portfolio with the possibility that it could be sold off. However, selling Red Lobster solves only part of the problem. The move is designed to help the firm through a corporate restructuring, said owner and CEO Brad Friedlander, who filed the case in the U.S. Bankruptcy Court for the Northern District of Ohio last Friday, Sept. 28. Determine whether Red Lobster Management grew or shrank during the last recession. Not even the breadsticks, it appears, can save Olive Garden from financial turmoil. This is useful in estimating the financial strength and credit risk of the company. In May 2014, Darden announced the sale of the company for $2.1 billion to Golden Gate Capital, a San Francisco-based firm that had acquired California Pizza Kitchen and also is an owner of Payless ShoeSource.It was the highest bidder. Red Lobster, the world’s largest seafood restaurant chain, is plotting a new course with a new captain at the helm. Red Lobster was the biggest culprit. The chain is in the final stages of the 10-year plan for the rejuvenation of the General Director Kim Lopdrup. Beachwood's Red Restaurant Group — the parent company of Red, The Steakhouse and Moxie, The Restaurant brands — has filed for Chapter 11 bankruptcy protection.. Thank you very much. Josh Olshansky, managing director at Golden Gate Capital, … Story highlights. The magazine reports that the restaurant's revenue dropped 4.9% during the second quarter. But the name origin of Red Lobster remains unclear, as a source claimed Bill's wife Mary came up with the name during a brainstorming session, Mental Floss explains, and another source said the name came from a printer that created Red Lobster's first menus. Olive Garden, which will represent 60% of Darden revenue after the sale is closed, is in a similar position. Thai Union reported a drop in net profit in the first quarter of this year, partially due to a loss from currency exchange and lower income from American dining restaurant chain Red Lobster Seafood. Thank you Red Lobster. Before Red Lobster, there was Green Frog. Red Lobster developed a business plan and presented it to a number of private equity firms. Red Lobster, 40-year-old chain of seafood restaurants, has just completed a market study to identify opportunities to change their target customer segment. 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