Darden Ditching Seafood as Red Lobster FloundersBy
Darden Restaurants will divest its Red Lobster seafood chain and slash spending as the struggling company confronts persistently poor financial results and a hedge fund that has been agitating for changes. Today’s results, which missed Wall Street’s expectations, highlight a continuing problem for Darden and other casual dining chains: Americans are no longer going out to eat as often as they did before the 2008 financial crisis.
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