Red Lobster Will Be Sold for a Mere $2.1 Billion

Time to put some crustaceans up to pay down some debt. Photo: Bloomberg/Getty Images

Darden, the corporation that owns Olive Garden, LongHorn Steakhouse, and Red Lobster, announced this morning that it will sell the 46-year-old seafood chain to Golden Gate Capital for $2.1 billion in an all-cash deal, with $1 billion of funds going to pay down debt. The Orlando-based parent company announced it was looking to sell or spin off the underperformer last year, and in today's statement, chief executive Clarence Otis wrote that Darden will use the shot of cash to "focus on the Olive Garden brand renaissance program," which means, among other things, introducing menu items like pistachio-crusted truffles and a low-calorie Alfredo sauce. Sounds like a plan. [USA Today]