Not even the breadsticks, it appears, can save Olive Garden from financial turmoil. Thank you Red Lobster for making our celebration even more wonderful with your delicious food and wonderful customer service. The move is designed to help the firm through a corporate restructuring, said owner and CEO Brad Friedlander, who filed the case in the U.S. Bankruptcy Court for the Northern District of Ohio last Friday, Sept. 28. Same-store sales, a measure of performance at restaurants open a year or more, dropped 3.5 percent at Olive Garden and 5.6 percent at Red Lobster over the quarter. Determine whether Red Lobster Management grew or shrank during the last recession. Red Lobster, 40-year-old chain of seafood restaurants, has just completed a market study to identify opportunities to change their target customer segment. In May 2014, Darden announced the sale of the company for $2.1 billion to Golden Gate Capital, a San Francisco-based firm that had acquired California Pizza Kitchen and also is an owner of Payless ShoeSource.It was the highest bidder. Beachwood's Red Restaurant Group — the parent company of Red, The Steakhouse and Moxie, The Restaurant brands — has filed for Chapter 11 bankruptcy protection.. Olive Garden, which will represent 60% of Darden revenue after the sale is closed, is in a similar position. This is useful in estimating the financial strength and credit risk of the company. Darden this month announced plans to separate Red Lobster's 705 locations from the rest of its portfolio with the possibility that it could be sold off. Josh Olshansky, managing director at Golden Gate Capital, … Thank you Red Lobster. Red Lobster was the biggest culprit. Red Lobster developed a business plan and presented it to a number of private equity firms. LZ Granderson grew up poor, and a real treat once or twice a year was to go to Red Lobster; The chain is in financial trouble, … Thank you very much. That's why a hedge fund has launched an activist campaign to break up the company. Accounting and Financial Analysis in the Hospitality Industry (1st Edition) Edit edition. Compare how recession-proof Red Lobster Management is relative to the industry overall. Thai Union reported a drop in net profit in the first quarter of this year, partially due to a loss from currency exchange and lower income from American dining restaurant chain Red Lobster Seafood. Story highlights. It seems like Bill Darden had something for the names of colorful animals. And its sister chain under parent company Darden Restaurants' umbrella, Red Lobster, doesn't appear to be faring much better. Before Red Lobster, there was Green Frog. The magazine reports that the restaurant's revenue dropped 4.9% during the second quarter. 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