Applebee's to close more than 100 locations

Applebee's to close more than 100 locations

That figure is up from the estimated 40 to 60 locations previously slated for closure in 2017. Closures regarding IHOP could range between 20-25 but 80-95 new restaurants will open up with 20-30 new Applebee's locations across the globe.

DineEquity did not specify which restaurants would be closing - there are 10 Applebee's and five IHOP locations in Northeast Ohio - but said decisions would be based franchisee profitability, operational results and whether or not a store meets the brand's quality standards.

The company says that the "aggressive" closures are part of its plan to simplify operations, while elevating the guest experience.

The Tribune spoke with a member of the management team at the Cullman Applebee's, located at 2106 Cherokee Ave. SW.

With more than 3,700 restaurants in 19 countries and about 400 franchisees, DineEquity is one of the largest full-service restaurant companies in the world.

Image courtesy of Applebee's.

Legal & General Group Plc decreased its position in DineEquity, Inc (NYSE:DIN) by 1.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission.

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In the market the company is trading down since yesterday's close of $38.91. It also has not said how many employees could be effected by the closings.

The parent of Applebee's and IHOP reported Thursday that same-store sales declined at both restaurant chains but its shares rose as profit topped analysts' estimates.

Chain restaurants have been struggling for several years amid competition from super cheap fast food deals and the growing number fast-casual eateries that focus on fresher options.

The company hasn't decided which restaurants it will close.

The company said Thursday that sales at Applebee's fell 6.2 percent in the second quarter compared with a year ago, while sales at IHOP fell 2.6 percent.

The company also announced the appointment of Steve Joyce as its new CEO - he was formerly chief executive of Choice Hotels since June 2008.

Dine Equity, which also owns IHOP, reported that its net income in the second quarter was $20.9 million, down from $26.4 million in the same quarter past year.

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