NEW YORK (AP) _ Darden Restaurants says it’s finalized the sale of Red Lobster to investment firm Golden Gate Capital, despite contentious protests from activist investors.
And Red Lobster’s new CEO, Kim Lopdrup says he has some big changes for the restaurant chain, such as making it a lot fancier.
Lopdrup says Red Lobster is doing away with some of its promotional discounts and plating dishes higher, as is the style at fancy restaurants.
The changes mark the latest attempt by the struggling seafood chain to stop a years-long sales decline.
Lopdrup says, “At the end of the day, people are not going to go a Chipotle for their anniversary or their birthday.”
Sit-down chains like Red Lobster have been struggling since the economic downturn as people cut back on spending.
Click HERE for more information from Red Lobster’s website, which includes the cheese biscuits staying and no plans to close any locations.
