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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Uses a 'before-after' visual comparison for two different restaurant chains to highlight a recurring strategic error.",
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      "kind": "callout",
      "text": "Planning to spend ~$175 million on remodels – how much value will this destroy?",
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      "kind": "callout",
      "text": "Spent over $250 million on Bar Harbor remodels, but received less than $100 million for Red Lobster's operating business",
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      "text": "The Bar Harbor remodel program did not turn Red Lobster around because customers were still getting the same poor in-restaurant experience. Olive Garden's operations and guest experience must be significantly improved before the company spends capital on remodels.",
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      "text": "Source: Company presentations. (1) Per Orlando Sentinel.",
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      "text": "Same strategy but even larger opportunity to destroy shareholder value (cont'd)",
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