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Drowning Red Lobster Sold for $2B

Apparently what's fresh today is that Red Lobster, the nationwide seafood restaurant chain, has been sold, by Darden Restaurants to Golden Gate Capital for $2.1 billion. The restaurant chain, which was founded in 1968 in Florida, has struggled recently, as same-store sales in the U.S. have dropped 8.8 percent in the first quarter of 2014—even worse than Olive Garden. Without any irony, the managing director of Golden Gate Capital, Josh Olansky, declared Friday that, “Red Lobster is an exceptionally strong brand with an unparalleled market position in seafood casual dining.”