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Darden Restaurants Issues Business Update - Quick Facts

Darden Restaurants, Inc., (DRI) reported that, for the fourth quarter to date through April 5, Darden same-restaurant sales declined 39.1%. Given continued economic uncertainty arising from COVID-19, the company has entered into a $270 million term loan credit agreement. The term loan was fully drawn on April 6, 2020 and matures on April 5, 2021. The company now has over $1 billion in investible cash on hand.

Gene Lee, CEO, stated: "We will be furloughing some of our team members at the support center and reducing pay for the remaining team members. Senior executives are taking a 50 percent reduction as I continue to forego my salary until we are successfully on the other side of this."

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