Applebee’s Announces 100+ Closures as Restaurant Landscape Changes
The company that owns the Applebee's and IHOP chains announced it will close more eateries than originally planned.
In the statement to investors, the company said it plans to close between 105 and 135 Applebee's restaurants compared to an original estimate of 40 to 60 stores. The company said closures will depend on a number of factors including "franchisee profitability, operational results and meeting our brand quality standards."
The statement also predicts the company will be closing between 20 and 25 IHOP locations while also predicting the opening of 80 to 95 new IHOPs. They had originally announced opening 18 new restaurants and closing between 75 and 90.
"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," CEO Richard J. Dahl said.
There were no specific details given about which restaurants would be closed, but according to NJ.com there are 60 Applebee's locations in New Jersey. There are also close to 40 IHOP locations in the state.