Yikes! DineEquity, the parent company of both Applebee’s and IHOP, plan to close 160 locations.
USA Today is reporting that 105 to 135 Applebee’s locations and an estimated 20 to 25 IHOP locations will be closed.
At the same time, DineEquity plans to open 125 locations of the two restaurant chains globally in new locations.
“Applebee’s “remains out-of-favor with casual-dining consumers….Sister concept IHOP may be feeling the effects of DineEquity’s struggles as well,” said Instinet analyst Mark Kalinowski via USA Today.
“We are investing in the empowerment of our brands by improving overall franchisee financial health, closing underperforming restaurants and enhancing the supply chain,” interim CEO Richard Dahl added in a statement, via USA Today.
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