(RNN) – At least 105 Applebee’s will be shutting their doors as the restaurant’s parent company revises the number of closures upward from the original expectation of 60.
The closings will be based on store profitability and quality, DineEquity said in a release. The company didn't disclose the locations of the stores that would be closing.
The release added that at least 20 new sites will open, most overseas, the company said on Thursday.
"We are investing in the empowerment of our brands by improving overall franchisee financial health, closing under performing restaurants and enhancing the supply chain. We are focusing on operations and elevating the guest experience, whether in our restaurants or off-premise. 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," said Richard J. Dahl, chairman and interim CEO of DineEquity.
Based in Glendale, CA, DineEquity, Inc. (NYSE: DIN), operates restaurants under both the Applebee's Neighborhood Grill & Bar and IHOP brands. The company said that IHOP will add between 80 and 95 restaurants, the majority of which are expected to open in the U.S. That figure is an increase from a number of 75 to 90 restaurants.
IHOP closings are projected to range between 20 and 25 restaurants. That compares to a previous expectation for the shuttering of about 18 restaurants.
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. For more information on DineEquity, visit its website.
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