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Darden To Shed Eateries For $80 Million

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By JOSH FINEMAN, Bloomberg News

Published: December 5, 2007

Darden Restaurants, owner of the Red Lobster and Olive Garden chains, has agreed to sell the Smokey Bones Barbeque & Grill chain to buyout fund Sun Capital Partners for $80 million to focus on more profitable restaurants.

The sale may close within 45 days, Orlando-based Darden said Tuesday.

Darden said in May it plans to close 54 Smokey Bones restaurants and sell the remaining 73, moves that cost it $245 million before taxes. The chain, which includes Smokey Bones in Tampa, Brandon, Clearwater and Lakeland, did not identify Tuesday which Smokey Bones restaurants will close.

The barbecue chain, which was once its third-biggest unit by number of restaurants, failed to meet Darden's growth targets. Darden announced it was in talks to sell the chain to Sun Capital last month.

Boca Raton-based Sun Capital also owns the Boston Market, Sweet Tomatoes, Friendly Ice Cream, Chevy's Fresh Mex and Bruegger's brands.

Its eight chains have more than 2,200 locations and $3.4 billion in annual sales.

Tribune reporter Ted Jackovics contributed to this report.

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