Up to 160 Applebee’s and IHOP restaurants could close during the next fiscal year, their parent company announced Thursday. But it’s not all bad news for fans of the chain — if they’re planning to travel overseas.
That’s because DineEquity Inc., the parent company, also plans to open dozens of new restaurants in mostly international locations.
The Los Angeles Times reports that the company initially planned to shutter 40 to 60 Applebee’s locations. Now, factoring in the new restaurants that will open, the net loss will be closer to 75, the company revealed during its quarterly earnings call.
IHOP, on the other hand, expects to open 80 to 95 new locations, while closing between 20 and 25 restaurants.
So, what does this mean for your neighborhood Applebee’s or IHOP? It remains to be seen.
The company apparently hasn’t drawn up the list of closures yet. But Applebee’s president John Cywinski said during the call that the targeted restaurants will be the older ones in areas that aren’t busy and restaurants that failed to meet expectations.
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