{"id":29009,"date":"2024-07-19T09:39:44","date_gmt":"2024-07-19T16:39:44","guid":{"rendered":"https:\/\/cbs26.com\/index.php\/2024\/07\/19\/darden-restaurants-buys-tex-mex-chain-chuys-for-605-million\/"},"modified":"2024-07-19T09:39:44","modified_gmt":"2024-07-19T16:39:44","slug":"darden-restaurants-buys-tex-mex-chain-chuys-for-605-million","status":"publish","type":"post","link":"https:\/\/cbs26.com\/index.php\/2024\/07\/19\/darden-restaurants-buys-tex-mex-chain-chuys-for-605-million\/","title":{"rendered":"Darden Restaurants buys Tex-Mex chain Chuy&#8217;s for $605 million"},"content":{"rendered":"<div xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n<div>\n<p>                <bsp-timestamp data-timestamp=\"1721252707000\" data-recent-thresholdinhours=\"1\">                    <template data-date-tpl>Up up to now [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year]<\/template>                    <span data-date><\/span>                <\/bsp-timestamp>            <\/p>\n<\/p><\/div>\n<p>                                                                    <bsp-page-actions>                            <\/bsp-page-actions>                            <\/div>\n<div>\n<p>Darden Restaurants is including Tex-Mex to the menu.<\/p>\n<p>The father or mother firm of <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/general-news-5a1a3701febc42fd803c1d940dbb4590\">Olive Backyard<\/a><\/span>LongHorn Steakhouse, Yard Residence and <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/darden-ruths-chris-steak-restaurant-acquisition-e7436e23b8274a421b0f58b5edf67826\">varied chains<\/a><\/span>stated Wednesday it&rsquo;s procuring for Chuy&rsquo;s for roughly $605 million. <\/p>\n<p>Darden stated this can possess all prominent shares of Chuy&rsquo;s for $37.50 per share. These shares closed at $25.27 apiece on Wednesday, then soared past $37 in after-hours trading once the deal became once introduced. Darden shares fell 1% in after-hours trading.<\/p>\n<p>Darden stated the boards of Darden and Chuy&rsquo;s bear unanimously authorized the acquisition. The deal is anticipated to terminate later this year, if it&rsquo;s authorized by Chuy&rsquo;s shareholders.<\/p>\n<p>Chuy&rsquo;s Holdings Inc. became once basically based in Austin, Texas, in 1982. It now operates 101 drinking places in 15 states and has 7,400 workers. It&rsquo;s identified for its eclectic decor and contemporary food, including handmade tortillas and sauces.<\/p>\n<p>Treasure Darden, Chuy&rsquo;s owns and operates all of its drinking places. Darden President and CEO Rick Cardenas stated Chuy&rsquo;s is a differentiated ticket with solid increase doubtless that will affect larger Darden&rsquo;s dining alternate options. <\/p>\n<p><span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/free-breadsticks-and-reasons-for-hope-at-olive-garden-ee361ee5e6bcbb4ff40f3b7de2b5c7d9\">Darden<\/a><\/span>basically basically based entirely in Orlando, Florida, operates larger than 1,900 drinking places and has 190,000 workers. It also owns Ruth&rsquo;s Chris Steak Residence, Cheddar&rsquo;s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V&rsquo;s and Bahama Crawl.<\/p>\n<p>&ldquo;Constant with our criteria for including a ticket to the Darden portfolio, we imagine Chuy&rsquo;s is an unheard of fit that helps our a hit strategy,&rdquo; Cardenas stated in a assertion.<\/p>\n<p>Chuy&rsquo;s Chairman, CEO and President Steven Hislop stated the acquisition will urge Chuy&rsquo;s alternate targets and affect larger the ticket to extra communities.<\/p>\n<p>The deal comes as both restaurant corporations bear been struggling with a downturn in buyer traffic due to consumer concerns about inflation.<\/p>\n<p>In Darden&rsquo;s fiscal fourth quarter, which ended Would possibly perchance well well well also 26, same-retailer gross sales &mdash; or gross sales at drinking places begin at least a year &mdash; had been flat when when put next with the prior year. Chuy&rsquo;s same-retailer gross sales had been down 5% in its first quarter, which ended March 31.<\/p>\n<p>Investment bank Jefferies downgraded shares for both restaurant chains earlier this month, announcing they&rsquo;re being squeezed by mark promotions at snappy-food chains admire <span><a data-gtm-enhancement-style=\"LinkEnhancementA\" href=\"https:\/\/apnews.com\/article\/mcdonalds-value-meal-deal-bda434c5a939b610a9c1fc09446a38d1\">McDonald&rsquo;s<\/a><\/span>    as neatly as at informal dining mates admire Chili&rsquo;s and Applebee&rsquo;s.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/apnews.com\/article\/darden-chuys-texmex-restaurant-a44f10f0fecd51a8e4a2d6a3bfb990d9\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Up up to now [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] Darden Restaurants is including Tex-Mex&#8230;<\/p>\n","protected":false},"author":1,"featured_media":29010,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3138,3139],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - 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