Darden buys Ruth's Chris Steak House for $715 million

The Ruth's Chris Steak House chain is being acquired by Darden Restaurants for about $715 million.

The original Chris Steak House was opened on New Orlean's Broad Street in 1927, and it was acquired by Ruth Fertel in 1965. The company has 154 locations worldwide, including 80 company-owned or -operated restaurants and 74 franchised restaurants.

The company, now based in Winter Park, Florida, suffered as most restaurants did during the pandemic, closing 23 restaurants in early 2020, furloughing workers and announcing that executives were taking less pay.