Darden Restaurants Inc. said Thursday that it would sell or spin off its Red Lobster chain, which along with Olive Garden has been a drag on profits. Orlando, Fla.-based Darden said it also would suspend the opening of new Olive Garden locations and limit new LongHorn Steakhouse restaurants. Clarence Otis, Darden’s chairman and chief executive, acknowledged that the casual-dining segment was under pressure. He said the segment had experienced “relatively low levels of ...
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Contact: Desiree Torres Desiree.Torres@penton.com