Darden Restaurants, Inc. (DRI) owns and operates full-service dining restaurants in the United States and Canada under the trade names Olive Garden®, LongHorn Steakhouse®, The Capital Grille®, Yard House®, Bahama Breeze®, Seasons 52®, Eddie V's Prime Seafood® and Wildfish Seafood Grille®. The company also used to own the Red Lobster chain of restaurants, which it sold in 2014. As of February 2015, the company operated 1,528 restaurants out of which 845 belonged to the Olive Garden brand, 478 belonged to the LongHorn Steakhouse brand and remaining belonged to other smaller brands.
After years of mismanagement, the company's business was struggling in 2014 when an activist hedge fund Starboard Value LP initiated a position in the company. The fund gave its detailed plan on how to turnaround Darden's ailing business in September 2014 and was able to completely oust Darden's (now ex- ) board in October 2014. Continue Reading »