St. Petersburg Times – Pirate Capital LLC has stopped rattling the sabers at OSI Restaurant Partners Inc. by quietly dumping its 5.3 percent stake in the struggling Tampa chain.<\/p>\n
Thus ends the Norwalk, Conn., hedge fund’s short but stormy feud with the operator of Outback Steakhouse and six other casual-dining chains.<\/p>\n
Since June 6, Pirate had urged a breakup of OSI in hopes of unlocking a payoff to shareholders of the company’s faster-growing, younger chains: Bonefish Grill, Carrabba’s Italian Grill and Fleming’s Prime Steakhouse & Wine Bar.<\/p>\n
OSI’s dominant Outback brand, meanwhile, has joined several sitdown restaurant chains in paring prices to overcome a summer slump.<\/p>\n
Guest counts were down 4.4 percent across the $68-billion casual-dining industry in June and sales in stores open more than year slumped 1.8 percent, according to USA Today. Chains from Applebee’s to T.G.I. Friday’s trimmed prices. Outback sliced $1 off its sirloin prices in some markets, and discounts are spreading to other dishes. About one of every five Outback diners orders a sirloin.<\/p>\n