History of Darden Restaurants in Timeline

Darden Restaurants, headquartered in Orlando, Florida, is the world's largest full-service restaurant company. With over 2,100 locations and 200,000 employees, Darden operates multiple restaurant brands. The company originated as an offshoot of Red Lobster, founded by William Darden with support from General Mills. Red Lobster was subsequently sold in July 2014.

1938: Opening of The Green Frog

In 1938, William "Bill" Darden opened his first restaurant called The Green Frog in Waycross, Georgia when he was 19 years old.

1968: First Red Lobster Restaurant Opened

In 1968, William Darden founded Red Lobster Inns of America and opened the first Red Lobster restaurant in Lakeland, Florida.

1970: Sale of Red Lobster to General Mills

In 1970, Darden sold Red Lobster to General Mills to gain more resources for expansion.

1975: Joseph Lee Promoted to President of Red Lobster

In 1975, Joseph (Joe) R. Lee, the company's first restaurant manager, was promoted to President of Red Lobster after Darden was promoted to Vice President of General Mills.

1982: First Olive Garden Opens

In 1982, the first Olive Garden concept restaurant was opened in Orlando by Darden Restaurants.

1985: Red Lobster Expansion

By 1985, under General Mills' ownership, Red Lobster had expanded into a chain of almost 400 locations.

1988: Red Lobster's Transformation

By 1988, Red Lobster transformed from an inexpensive fast-food seller into a chain of casual dining seafood restaurants.

1989: Olive Garden's Rapid Growth

By 1989, General Mills had opened over 145 Olive Garden restaurants, making it the fastest-growing unit in the company's restaurant holdings.

1990: China Coast Launched

In 1990, China Coast was launched by Darden Restaurants, aiming to create a national casual dining restaurant featuring American Chinese cuisine.

March 29, 1994: William Darden's Death

William Darden, the founder of Red Lobster and the namesake of Darden Restaurants, passed away on March 29, 1994, at the age of 75, after an extended illness.

May 9, 1995: Darden Restaurants Begins Trading

On May 9, 1995, Darden Restaurants began trading on a when-issued basis at $9.75 a share as it was being spun off from General Mills.

May 31, 1995: Darden Restaurants Becomes Fully Separate

On May 31, 1995, Darden Restaurants became a fully separate entity when its shares went on sale on the NYSE. The shares opened at $10.75 and closed at $11.125.

1995: China Coast Restaurants Closed

By the end of 1995, after losing an estimated US$20 million, the China Coast restaurants were shuttered, with remaining locations either converted or closed altogether.

1995: Darden Restaurants Spun Off

In 1995, General Mills decided to spin off its restaurant chains, naming the new company Darden Restaurants after Red Lobster's founder. General Mills stockholders received one share of Darden for every common share of General Mills held, and the restaurants had $108 million net income that year.

March 1996: Bahama Breeze Caribbean Grille Test Launch

In March 1996, Darden Restaurants launched a test of a Bahama Breeze Caribbean Grille concept featuring food and drinks found in the islands of the Caribbean Sea and a Caribbean theme.

1997: Darden's Financial Losses

In 1997, oversaturation in the restaurant market forced Darden to close 48 poorly performing locations, resulting in a $91 million loss due to restructuring.

1998: Red Lobster and Olive Garden Makeovers

In 1998, Red Lobster and Olive Garden underwent makeovers. Darden also made a profit of $102 million that year.

1999: Smokey Bones BBQ Sports Bar Concept Tested

In late 1999, after recovering from earlier losses, Darden tested a new concept called Smokey Bones BBQ Sports Bar, which opened in Orlando. The restaurant is a sports bar concept featuring barbecue and related foodstuffs in an Appalachian mountain lodge setting.

2003: Seasons 52 Under Development

In 2003, Seasons 52 was under development by Darden Restaurants to "provide guests the opportunity to indulge while still eating well", initially focusing on the Florida and Atlanta markets.

January 2007: Darden Announces Expansion Plans

In January 2007, Darden announced its willingness to expand by purchasing existing 100-location chains or considering franchisors.

January 2008: Sale of Smokey Bones Completed

In January 2008, Darden completed the sale of its Smokey Bones chain to Barbeque Integrated, Inc., for approximately $80 million.

2010: Seasons 52 Expansion Phase

In 2010, Seasons 52 began a new expansion phase, opening up in 11 more states over the next three years.

January 2011: Co-location of Olive Garden and Red Lobster Brands

In January 2011, Darden announced plans to co-locate their Olive Garden and Red Lobster brands in smaller markets to share kitchens while maintaining separate menus and eating areas.

October 2011: Acquisition of Eddie V's and Wildfish Seafood Grille

In October 2011, Darden acquired Eddie V's Prime Seafood and Wildfish Seafood Grille for $59 million in cash, placing them within its Specialty Restaurant Group. Darden also signed an area development agreement with Americana Group of Kuwait to develop and operate at least 60 locations using the Red Lobster, Olive Garden and LongHorn Steakhouse concepts.

July 2012: Darden Acquires Yard House

In July 2012, Darden acquired the Yard House 39-location beer-centric chain for $585 million from TSG Consumer Partners, placing it in the Specialty Restaurant Group.

December 19, 2013: Plans to Sell or Spin Off Red Lobster

On December 19, 2013, Darden announced plans to sell or spin off the Red Lobster brand, citing pressure from stock investors and due to spending US$100 million on a new digital platform that was behind schedule and over budget, which also resulted in layoffs.

December 23, 2013: Darden's Stock Rises After Investor Stake

On December 23, 2013, Darden's stock rose 3% after activist investor Starboard Value took a stake in the company.

May 12, 2014: Conversion of Co-Located Restaurants

On May 12, 2014, Darden announced it was converting the co-located Red Lobster and Olive Garden locations into standalone Olive Garden locations as part of the Red Lobster spinoff.

May 16, 2014: Sale of Red Lobster Announced

On May 16, 2014, Darden announced that it would be selling the Red Lobster seafood restaurant chain to Golden Gate Capital for US$2.1 billion.

July 2014: Red Lobster Sold

In July 2014, Red Lobster was sold by Darden Restaurants, marking a significant shift in the company's portfolio.

July 28, 2014: Red Lobster Sale Completed

On July 28, 2014, Darden announced the completion of the sale of Red Lobster to Golden Gate Capital.

October 2014: Gene Lee Appointed Interim CEO

In October 2014, Gene Lee was appointed as the interim CEO of Darden Restaurants.

2014: Starboard Criticizes Red Lobster Sale

Throughout 2014, Starboard Value criticized Darden's management for undervaluing Red Lobster in its sale to Golden Gate Capital, accusing them of a "fire sale" and refusing shareholders' requests for a special meeting.

February 23, 2015: Gene Lee Named Permanent CEO

On February 23, 2015, Gene Lee was named permanent CEO of Darden Restaurants, after serving as interim CEO in October 2014.

2016: Animal Welfare Policy Announced

In 2016, Darden announced an animal welfare policy phasing out the use of battery cage eggs in its U.S. locations by 2018 and crated pork by 2025.

March 27, 2017: Intent to Acquire Cheddar's Scratch Kitchen

On March 27, 2017, Darden announced its intent to acquire Cheddar's Scratch Kitchen for $780 million from shareholders such as L Catterton and Oak Investment Partners.

March 28, 2017: Darden's Shares Grow After Acquisition Announcement

On March 28, 2017, Darden announced that it had acquired Cheddar's Scratch Kitchen and "lifted its full-year earnings outlook," becoming the biggest gainer that day on the S&P 500, with shares growing nearly 9%.

April 24, 2017: Acquisition of Cheddar's Scratch Kitchen Completed

On April 24, 2017, Darden completed the acquisition of Cheddar's Scratch Kitchen.

2018: Target Date for Phasing Out Battery Cage Eggs

By 2018, Darden aimed to phase out the use of battery cage eggs in its U.S. locations, as per its animal welfare policy announced in 2016.

2019: Commitment to Stop Sourcing Meat From Chickens Treated with Antibiotics

In 2019, Darden stated that it would stop sourcing meat from chickens treated with medically important antibiotics by 2023.

2022: Criticism from Open Wing Alliance

In 2022, the Open Wing Alliance criticized Darden for failing to make sufficient progress on its cage-free egg commitment, leading to Darden expanding its commitment.

May 3, 2023: Acquisition of Ruth's Hospitality Group Inc. Announced

On May 3, 2023, Darden announced it was acquiring Ruth's Hospitality Group Inc., owner and operator of the Ruth's Chris Steak House chain, for $21.50 per share in an all-cash transaction, with an equity value of approximately $715 million. The acquisition was completed on June 14.

2023: Target Date for Antibiotic-Free Chicken Sourcing

By 2023, Darden committed to stop sourcing meat from chickens treated with medically important antibiotics, as announced in 2019.

July 2024: Darden Agrees to Acquire Chuy's

In July 2024, Darden agreed to acquire Chuy's.

October 11, 2024: Acquisition of Chuy's Completed

On October 11, 2024, Darden's acquisition of Chuy's was completed.

2025: Target Date for Phasing Out Crated Pork

By 2025, Darden aimed to phase out crated pork, as per its animal welfare policy announced in 2016.

2027: Cage-Free Egg Commitment Extended to International Locations

By 2027, Darden expanded its cage-free egg commitment to include all international locations, following criticism from the Open Wing Alliance in 2022.