Olive Garden owner Darden Restaurants buys Ruth’s Chris Steak House for $715 million
Darden Restaurants has announced its acquisition of Ruth’s Hospitality Group, the parent company of Ruth’s Chris Steak House, for $715 million. With over 150 locations across the globe, the steakhouse generated $505.9 million in revenue last year. This deal comes after a period of scarce restaurant acquisitions due to rising interest rates making them more expensive, and larger restaurant companies choosing to focus on reviving underperforming brands instead of buying new ones. However, Subway is reportedly on the verge of being sold for at least $10 billion, marking a significant upcoming deal.

Simon Property ownership in retailers could end in 5 to 10 years, CEO says
Simon Property Group’s retail holdings swung to a Q1 net operating loss of $54.5 million from net operating income of $25.9 million year-over-year.

What’s behind Walmart’s DTC selloffs?
Between 2016 and 2018, the mass retailer moved heavily into the e-commerce space by acquiring ModCloth, Bare Necessities, Jet, Shoes.com, Moosejaw, Bonobos and Eloquii.

Nothing Bundt Cakes on track to double openings in 2023
Nothing Bundt Cakes has opened its 500th bakery, in Shawnee, Kan., as it continues its rapid expansion.

Aldi details big U.S. expansion plans for 2023
The grocer will open 120 new stores this year, giving it a total of more than 2,400 locations nationwide by the end of the year.