TL;DR
Applebee's will close 105 to 135 locations due to profitability and brand quality standards. The company will also open new restaurants overseas, including 20 to 30 Applebee's and 20 to 25 IHOP locations.
Due to profitability and brand quality standards, Applebee’s will be closing more restaurants this year than it previously estimated. According to a recent Fox Business article, DineEquity Inc. announced it would close 105 to 135 Applebee’s locations by the end of fiscal 2017.
"We believe 2017 will be a transitional year for Applebee's and we are making the necessary investments for overall long-term brand health and expect to see improvement over the next year," Richard J. Dahl, Chairman and interim Chief Executive Officer of DineEquity said.
On a more positive note, the company does think it will open 20 to 30 new Applebee’s locations overseas as well as 20 to 25 new IHOP restaurants this year. DineEquity continues to struggle as the competition heats up in the quick-service and fast casual dining segment.
In this story
This story was originally published in 1851 Franchise on August 11, 2017. Burnaze summarizes and links to the original reporting.
Read the full story at 1851 FranchiseLiked this? Get the week's franchise news, explained
- Sunday 8 AM ET weekly + a monthly deep dive
- Sections picked for the industries you follow
- Every claim linked to its source. Free.