Darden announced in December it would either spin off or sell Red Lobster to improve the parent company's financial performance. Red Lobster's sales for its third quarter ending Feb. 23 fell 8.7 percent to $611 million, compared with the previous year's third quarter. Red Lobster has been losing customers in recent years to the growing popularity of places like Chipotle and Panera, where customers feel they can get the same quality of food without paying as much or waiting for table service, The Associated Press reported. On the other hand, Darden CEO Clarence Otis attributed Red Lobster's decline to its inability to attract higher-income customers attracted to its more successful chains, such as Longhorn, Capital Grille and Seasons 52, according to AP.