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More than 100 Applebee's restaurants to close, parent company says

Posted at 1:22 PM, Aug 10, 2017
and last updated 2017-08-10 14:26:33-04

The parent company of Applebee’s announced Thursday it would close more than 100 restaurants after a disappointing second quarter performance.

According to a press release from DineEquity, the company expects to close between 105 and 135 restaurants. DineEquity did not say which restaurants would be closed or provide a timeline for the closures.

DineEquity did say the closures would be based on “several criteria, including franchisee profitability, operational results and meeting our brand quality standards.”

According to Applebee's website, the chain currently has around 2,000 locations.

Applebee’s restaurant sales dropped seven percent in the first six months of the 2017 fiscal year. The company’s previous expectations estimated that sales would drop between four and eight percent.

DineEquity’s stock has fallen over the past few years as the company has failed to update Applebee’s menu and restaurants. In February, DineEquity CEO Julia Stewart quit the company amid a steady decline.

DineEquity, which also owns IHOP, reported a decline in restaurant sales for the breakfast chain at between one and three percent.

Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider.