The shrub's recession killed them dead
Its parent company Darden Restaurants announced Dec. 19 that Red Lobster locations will be shutting down for "a tax-free spin-off" or possibly be sell it off completely.
One thing is for sure, though: no more Red Lobster.
Though it's one of the biggest casual dining restaurant with a market value of $6.7 billion, its core chains -- Red Lobster being its first -- have had stagnant growth.
Red Lobster has 705 restaurants in the U.S. and Canada, and had annual sales of about $2.6 billion in the company's 2013 fiscal year.
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