Ruth's owns and operates 80 steakhouses and has a global reach. This time it plans to acquire Ruth's Hospitality Group, owner of Ruth's Chris Steakhouse, for $715 million. On May 3, Darden announced another acquisition. Today, it operates 179 locations, and Darden has further augmented its buying power along the way.
At its acquisition, Cheddar's had 140 company-owned locations (with another 25 franchise locations). Also, based on Cheddar's relatively modest restaurant count, it offered expansion potential as well. This casual dining brand was a good fit with Darden's portfolio, which already included the roughly similar concept YardHouse. That is why Darden's 2017 purchase of Cheddar's for $750 million was so attractive. Having brands that serve similar food and in similar environments amplifies its buying power. With a market cap of $18.5 billion and roughly 1,850 restaurants, Darden has to buy a lot of ingredients. Plus, seafood prices can be volatile, and Red Lobster was nearly as large as Olive Garden in restaurant count, exposing Darden to too much variability on the cost front, while not providing enough synergies elsewhere. One of the key reasons for the sale was that Red Lobster's sales were trending in the wrong direction. For example, it once owned the Red Lobster brand, but sold it in 2014. She was the longest-reigning monarch in British history.In some ways investors should probably think of Darden as a brand manager more than a pure restaurant company. On Sunday, thousands of events took place across the country as part of the "Coronation Big Lunch," while Lionel Richie, Katy Perry and Take That headlined the "Coronation Concert" at Windsor Castle in the evening.Ĭharles instantly became King in September when his mother, Queen Elizabeth II, died at the age of 96. They later made an appearance on the palace balcony alongside other members of the royal family. It was Britain's first coronation in 70 years.Īfter the two-hour ceremony, Charles and his wife, Queen Camilla - who was also crowned - traveled back to Buckingham Palace in the Gold State Coach, which has been used in every coronation since 1831. The coronation - a symbolic coming together of the monarchy, church and state - was attended by dignitaries from around the world, and thousands of people gathered in London to take in all the pageantry. Britain's King Charles III was officially crowned Saturday in a magnificent and deeply religious ceremony at Westminster Abbey.
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