One of the nation's most recognizable restaurant chains is announcing major closures to take place soon. The parent company of Applebees and IHOP is announcing closures due to poor sales.
"The parent company of Applebee’s and IHOP could close as many as 135 Applebee’s restaurants, and 25 IHOP restaurants this year due to poor sales," according to a statement released Thursday.
The CEO of DineEquity said 2017 is going to be a transitional year for the corporation. He also said, “we are making the necessary investments for overall long-term brand health and expect to see improvement over the next year.”
While the company is going to close over 100 Applebees stores, they are more confident in the future of IHOP. The famous pancake chain is a breakfast staple for many Americans.
“IHOP remains on solid ground, despite soft sales this quarter,” DineEquity's CEO said. “I am optimistic about the growth in both effective franchise restaurants and system-wide sales.”
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