Olive Garden owner Darden Restaurants buys Ruth’s Chris Steak House for $715 million

Darden Restaurants, owner of Olive Garden, LongHorn Steakhouse, Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze has purchased the Ruth’s Chris Steak House chain for approximately $715 million.

Locally there are Ruth’s Chris restaurants in Winter Park, Orlando, and Lake Mary. Ruth’s Chris features signature USDA Prime steaks served sizzling on 500-degree plates, New Orleans-inspired sides and an award-winning wine list.

The first Chris Steak House was established on Broad Street in New Orleans in 1927 and was later acquired by Ruth Fertel in 1965. Currently, the company operates 154 locations globally, consisting of 80 company-owned or -operated restaurants and 74 franchised restaurants.

Following the relocation of its headquarters to Winter Park, Florida, the company faced challenges during the pandemic, much like other restaurants. As a result, they had to close 23 restaurants in early 2020, implement worker furloughs, and announce reduced pay for executives.

The purchase of Ruth’s Chris was completed on June 14, 2023, through a merger of Purchaser with and into Ruth’s in accordance with Section 251(h) of the General Corporation Law of the State of Delaware without a stockholder vote.