Darden Restaurants Inc (Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s)
Units closed: None disclosed. The company said 60% of restaurants are mandated to-go only; 16% have been mandated to reduce capacity by about 50% or are practicing social distancing.
Layoff count: None reported; CEO Gene Lee is forgoing his salary
Amount borrowed for liquidity: Fully drawing on $750 million credit facility. The company has $1 billion in cash on hand.
Same-store sales: For the fourth quarter to date through March 15, same-store sales were down 5.9%. The company said same-restaurant sales were positive 3% in the first week of the fourth quarter but the second week was basically flat and the third week was down almost 21%.
By segment, same-store sales in the week ended March 15 were down 18.7% at Olive Garden, down 15.9% at LongHorn, down 27.7% in Darden’s fine-dining division, which includes Eddie V’s, and down 27.5% in its other concepts.
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