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Darden Selling Red Lobster
Darden Selling Red Lobster, Darden Restaurants will sell or spin off its Red Lobster unit to boost value for shareholders. Its plans also include suspending the opening of new Olive Garden and LongHorn Steakhouse restaurants.
And Darden will not make any acquisitions in “the foreseeable future.’’ But it will review management compensation and put greater emphasis on sales growth. Darden’s quarterly net income fell to $19.8 million from $33.6 million a year earlier, the company reported Thursday.
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