"We are excited about the opportunity to join the Darden family," Henry said in a statement. A refreshed menu and new bar program is also coming.Ĭheryl Henry will remain as president of Ruth's and will report directly to Cardenas. This year, the chain plans to roll out new hospitality training and standards over the next 12 to 18 months, including a new uniform, table presentation, and smallwares. The efforts have resulted in a 10 percent improvement in hours per entrée. One of the chain's biggest accomplishments in 2022 was the development of a proprietary demand forecasting platform that integrates with Ruth’s labor management system, creating more efficient schedules. In 2022, the steakhouse generated more than $860 million in systemwide sales, more than $500 million in revenue, and $6.2 million in AUV. Ruth's has 154 locations systemwide, including 80 company-owned stores and 74 franchised restaurants. Ruth's Chris is a great complement to our portfolio of brands, and I'm pleased to welcome their nearly 5,000 team members to Darden." "It fits the criteria we have for adding a brand to our portfolio and supports our winning strategy. "Ruth's Chris is a strong and distinctive brand in the fine dining segment with an impressive history of delivering elevated dining experiences to their loyal guests," Darden president and CEO Rick Cardenas said in a statement. When the concept officially joins, the portfolio will exceed 2,000 restaurants systemwide. Ruth's will be Darden's fourth-biggest chain in terms of footprint, following Olive Garden, LongHorn, and Cheddars. The brand will join a Darden group that includes Olive Garden, LongHorn Steakhouse, Cheddars Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V's, and The Capital Burger. The transaction, approved unanimously by the boards of Darden and Ruth's, is expected to close in June. The purchase price is a 9.4x implied multiple of Ruth's 2022 transaction adjusted EBITDA. The company plans to acquire all of Ruth's outstanding shares for $21.50 per share, which is a 34 percent premium to the chain's May 2 closing price, in an all-cash transaction. There is a clear Norwegian identity to Hasla, and while looking closely you might even see a little bit of Valle in the intricate designs.Ĭlick the link to read more about the jewelry designer here here.Darden announced Wednesday it has agreed to buy Ruth's Chris Steak House for $715 million, after hints that an M&A move was coming. The sisters have been there ever since, drawing inspiration from the breathtaking surroundings and raw Norwegian nature. The workshop was established by Grete Fossen and Ørnulf Hasla in 1984. Valle is located in the south of Norway, where their family has lived for generations. As sisters, they work closely at the Hasla workshop in Valle. The brand name stems from designer Anne Hasla and brand manager Gunnhild Hasla’s family name. By taking inspiration from the organic shapes of the Norwegian mountains and Pablo Picasso’s cubism, Hasla creates jewelry that makes you move closer and actually look. The necklace and chain have a 1-micron gold plating.Īnne and Gunnhild Hasla have figured out what makes a piece of jewelry more than something sparkling that hangs around your neck. Wear the necklace alone, or layer it with other necklaces and chains to create your own look. Our take on the classic letter necklace is a petite, yet bold look. Hasla Letter necklace L with 50 cm gold plated silver chain.
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