Darden Restaurants,Inc. Is the Turnaround Happening? 1

Abstract

Get full access to this article

View all access options for this article.

References

Ashworth

(2014, May 19). 7 reasons JCPenney is poised for a huge turnaround. Business Insider. Retrieved from: http://www.businessinsider.com/jcpenney-is-poised-for-a-huge-turnaround-2014-5.

Bankruptcy filings down in fiscal year 2012. (2012, November 7). United States Court Reports. Retrieved from: http://www.uscourts.gov/news/2012/11/07/bankruptcy-filings-down-fiscal-year-2012.

Barington Capital Darden Restaurant's Proposal, Barington Group. Darden Recommendation [Report]. (2013). Retrieved from http://marketrealist.com/2013/12/cheat-sheet-barington-capitals-84-page-darden-reccommendation/.

Chen

, and Hambrick

C.D.

(2011). CEO replacement in turnaround situations: Executive (Mis) fit and its performance implications. Organization Science, 23(1), 225–243.

Chartered Institute of Management Accountants (CIMA), Topic Gateway Series No. 59 [Report]. (2009). Retrieved from http://www.cimaglobal.com/documents/importeddocuments/cid_tg_corporate__turnaround_sept09.pdf.pdf.

Darden Restaurants, Inc., 10Qs [Report]. (2013–2015). Retrieved from https://investor.darden.com/investors/financial-information/sec-filings/default.aspx.

Filatotchev

, and Toms

(2006). Corporate governance and financial constraints on strategic turnarounds. Journal of Management Studies, 43(3), 407–433.

Gallagher

J.R.

(2014, August 29). Darden Restaurants, Inc. 3rd quarter ValueLine Business Report. Retrieved from ValueLine Investment Research database.

Haron

H.N.

, Rahman

A.K.I.

, and Smith

(2013). Management accounting practices and the turnaround strategies. Asian Review of Accounting, 21(2), 100–112.

10.

Hess

E.M.A.

, and Sauter

B.M.

(2012, December 12). America's disappearing restaurant chains. USA Today. Retrieved from: http://www.usatoday.com/story/money/business/2012/12/12/restaurants-skrinking-business-bennigans/1764595/.

11.

Kell

(2015, March 4). Best Buy and four other blockbuster corporate turnarounds. Fortune. Retrieved from: http://fortune.com/2015/03/04/best-buy-turnaround-stories/.

12.

Kizildag

(2015). Financial leverage phenomenon in hospitality industry sub-sector portfolios. International Journal of Contemporary Hospitality Management, 27(8), 1949–1978.

13.

Koh

, Durand

B.R.

, Dai

, and Chang

(2015). Financial distress: Lifecycle and corporate restructuring. Journal of Corporate Finance, 33, 19–33.

14.

March 2015 bankruptcy filings down 12 percent. (2015, April 27). United States Court Reports. Retrieved from: http://www.uscourts.gov/news/2015/04/27/march-2015-bankruptcy-filings-down-12-percent.

15.

Nef

C.W.

(2015, November 27). Darden Restaurants, Inc. 4th quarter ValueLine Business Report. Retrieved from ValueLine Investment Research database.

16.

Pearce

A.J.

II , and Robbins

K.D.

(2008). Strategic transformation as the essential last step in the process of business turnaround. Business Horizons, 51(2), 121–130.

17.

Pretorius

(2008). When Porter's generic strategies are not enough: Complementary strategies for turnaround situations. Journal of Business Strategy, 29(6), 19–28.

18.

Schoenberg

, Collier

, and Bowman

(2013). Strategies for business turnaround and recovery: A review and synthesis. European Business Review, 25(3), 243–262.

19.

Slatter

, Lovett

, and Barlow

(2011). Leading corporate turnaround: How leaders fix troubled companies. West Sussex, England: John Wiley & Sons.

20.

Sudarsanam

, and Lai

(2001). Corporate financial distress and turnaround strategies: Am empirical analysis. British Journal of Management, 12(3), 183–199.

21.

Tice

(2014, June 31). Closing time: Can these shrinking restaurant brands grow again? Forbes / Entrepreneurs. Retrieved from: http://www.forbes.com/sites/caroltice/2014/07/31/closing-time-can-these-shrinking-restaurant-brands-grow-again/.

22.

Transforming Darden Restaurants, Starboard Value LP. Investor Presentation [Power Point Slides]. (2014). Retrieved from http://blogs.wsj.com/moneybeat/2014/09/12/starboards-olive-garden-slides-salting-the-water-custom-straws-and-more/.

23.

Wohl

(2015, May 4). McDonald's turnaround plan “more of just catching up”. Chicago Tribune. Retrieved from: http://www.chicagotribune.com/business/ct-mcdonalds-turnaround-plan-0505-biz-20150504-story.html Additional Reading Materials Assignged.

24.

Burgess

C.M.

(2011). Essential financial techniques for hospitality managers (2nd ed.). Woodeaton, Oxford: Goodfellow Publishers Limited.

25.

Chathoth

K.P

, Ching-Yick Tse

, and Olsen

D.M.

(2006). Turnaround Strategy: A study of restaurant firms. International Journal of Hospitality Management, 25(4), 602–622.

26.

(2002). Analyzing bankruptcy in the restaurant industry: A multiple discriminant model. International Journal of Hospitality Management, 21(1), 25–42.

27.

Guilding

(2014). Accounting essentials for hospitality managers (3rd ed.). New York, NY: Routledge, Taylor & Francis Group.

28.

Hales

, and Van Hoof

B.H.

(2010). Accounting and financial analysis in the hospitality industry. Upper Saddle River, NJ: Pearson PLC.

29.

Hofer

C.W.

(1980). Turnaround strategies. Journal of Business Strategy, 1(1), 19–31.

30.

31.

Yoon

, and Jang

(2005). The effect of financial leverage on profitability and risk of restaurant firms. Journal of Hospitality Financial Management, 13(1), 35–47.

32.

AH&LA. (2011). AH&LA commissions study of multicultural markets. (2011, January 31). American Hotel & Lodging Association. Retrieved from http://www.hospitalitynet.org/news/4050016.html.

33.

Browne

(2007). A party with politics? (Re)making LGBTQ pride spaces in Dublin and Brighton. Social and Cultural Geography, 18(1), 63–87.

34.

Browne

, & Bakshi

(2011). We are here to party? Lesbian, gay, bisexual and trans leisurescapes beyond commercial gay scenes. Leisure Studies, 30(2), 179–96.

35.

Clift

, & Forrest

(1999). Gay men and tourism: Destinations and holiday motivations. Tourism Management, 20(5), 615–625.

36.

Community Marketing & Insights, (2015). CMI's 20th annual survey on LGBT tourism & hospitality. U.S. Overview Report. December 2015.

37.

Elliott

(2014, September 15). Richmond, Va., makes a bold appeal for L.G.B.T. tourists. The New York Times. Retrieved from: http://www.nytimes.com/2014/09/15/business/media/richmond-va-makes-a-bold-appeal-for-lgbt-tourists.html?_r=0.

38.

Experian . (2013). The 2013 LGBT report. Available from http://www.experian.com/assets/simmons-research/white-papers/2013-lgbt-demographic-report.pdf.

39.

Gates

G. J.

(2013, February). LGBT parenting in the United States. The Williams Institute. Retrieved from http://williamsinstitute.law.ucla.edu/wp-content/uploads/LGBT-Parenting.pdf.

40.

Gates

G. J.

, & Newport

(2013a, February). Gallup special report: New estimates of the LGBT population in the United States. The Williams Institute. Retrieved from http://williamsinstitute.law.ucla.edu/research/census-lgbt-demographics-studies/gallup-lgbt-pop-feb-2013/.

41.

Gates

G. J.

, & Newport

(2013b, February 15). LGBT percentage highest in D.C., lowest in North Dakota. Gallup. Retrieved from http://www.gallup.com/poll/160517/lgbt-percentage-highest-lowest-north-dakota.aspx.

42.

Greater Philadelphia Tourism Marketing Corp. (2011). Philadelphia's Gay and Lesbian Visitors. Retrieved from: http://c526532.r32.cf0.rackcdn.com/Philadelphias-Gay-and-Lesbian-Visitors-2011-FINAL.pdf.

43.

Harris Interactive (2006). The gay, lesbian, bisexual and transgender (GLBT) population at-a-glance. Retrieved from: http://www.witeck.com/wp/files/glbt-market-research-highlights.pdf.

44.

Holcomb

, & Luongo

(1996). Gay tourism in the United States. Annals of Tourism Research, 23(3), 711–713.

45.

Hughes

(1997). Holidays and homosexual identity. Tourism Management. 18(1), 3–7.

46.

Hughes

(2002). Gay men's holiday destination choice: A case of risk and avoidance. International Journal of Tourism Research. 4(4), 299–312.

47.

Hughes

(2005). A gay tourism market: Reality or illusion, benefit or burden? Journal of Quality Assurance in Hospitality & Tourism. 5(2–4), 57–74.

48.

Ivy

R. L.

(2001). Geographical variation in alternative tourism and recreation establishments. Tourism Geographies, 3(3), 338–355.

49.

Johnston

, (2007). Mobilizing pride/shame: Lesbians, tourism and parades. Social and Cultural Geography, 8(1), 29–45.

50.

Kates

S. M.

, & Belk

Russell W.

. (2001). The meanings of lesbian and gay pride day: Resistance through consumption and resistance to consumption. Journal of Contemporary Ethnography, 30(4), 392–429.

51.

Lindström

(2005). Brand sense: Build powerful brands through touch, taste, smell, sight, and sound. New York: The Free Press.

52.

Markwell

, (2002). Mardi Gras tourism and the construction of Sydney as an international gay and lesbian city. GLQ: A Journal of Lesbian and Gay Studies, 8(1–2), 81–99.

53.

Monterrubio

J.C.

, Hughes

, Miller

, & Mason

(2007). Gay men's sexual behaviour in a holiday destination. e-Review of Tourism Research, 5(3), 56–63.

54.

Oakenfull

G.K.

, McCarthy

M.S.

& Greenlee

T.B.

(2008). Targeting a minority without alienating the majority: Advertising to gays and lesbians in mainstream media. Journal of Advertising Research, 48(2), 191–198.

55.

Office of the Governor, & Virginia Tourism Corporation. (2014, November 17). Governor McAuliffe kicks off VA-1 tourism summit, announces new task force to promote LGBT tourism. [Press release]. Retrieved from http://www.vir-ginia.org/pressroom/release.asp?id=453.

56.

Osti

, Disegna

& Brida

J.G.

(2012). Repeat visits and intentions to revisit a sporting event and its nearby destinations. Journal of Vacation Marketing, 18(1), 31–42.

57.

Pitts

B.G.

(1997). From leagues of their own to an industry of their own: The emerging lesbian sports industry. Women's Sport and Physical Activity Journal, 6(2), 109–139.

58.

Pritchard

, Morgan

N.J.

& Sedgely

(1998). Reaching out to the gay tourist: Opportunities and threats in an emerging market segment. Tourism Management, 19(3), 273–282.

59.

Rosenbloom

(2014, May 30). The evolving world of gay travel. The New York Times. Retrieved from http://www.nytimes.com/2014/06/01/travel/the-evolving-world-of-gay-travel.html.

60.

Smith

, & Forest

(2006). Enhancing vitality or compromising integrity? Festivals, tourism and the complexities of performing culture. In Picard

& Robinson

(Eds.), Festivals, tourism and social change – Remaking worlds (pp. 133–151). Clevedon, Buffalo, Toronto: Channel View Publications.

61.

N.H.

(2012). Seeking the holygrail through gay and lesbian consumers: An exploratory content analysis of ads with gay/lesbian-specific content. Journal of Marketing Communications, 18(2), 133–149.

62.

Virginia Tourism Corporation. (2016). Richmond Travel Economic Impacts. Retrieved April 4, 2016 from Virginia Locality Economic Impact Data.

63.

Visit Richmond

VA.

(2016, May 30). About us. Retrieved from http://www.visit-richmondva.com/about/.

64.

Visser

(2014). Gay and lesbian tourism practices. In Lew

A. A.

, Hall

C. M.

& Williams

A. M.

(Eds.), The Wiley Blackwell companion to tourism (pp. 435–444). New Jersey: Wiley-Blackwell.

65.

Vorobjovas-Pinta

, & Hardy

(2015). The evolution of gay travel research. International Journal of Tourism Research.

66.

Waitt

, & Staple

(2011). “Fornicating on floats”? The cultural politics of the Sydney Mardi Gras. Parade beyond the metropolis, Leisure Studies, 30(2), 197–216.

67.

Weekes

R. V.

(1989). Gay Dollars, American Demographics, 10(Oct), 45–48.

68.

The Williams Institute (2014). New Williams Institute data visualization: U.S. ben-efitting from $2.6 billion same-sex wedding spending boom. [Press release]. Retrieved from http://williamsinstitute.law.ucla.edu/press/press-releases/data-visualization-same-sex-spending-boom/.