DineEquity Inc., the parent company of Applebee’s and IHOP restaurants plans to close an additional 160 restaurants across the nation. According to published reports, 105 to 135 Applebee’s restaurants will close, an increase from the 40 to 60 restaurants that DineEquity said it would close in the first quarter. Also on the list are an estimated 20 to 25 IHOP restaurants, up from the first quarter estimate of 18.
There is a silver lining to the cloud, as DineEquity said it the two chains between them will open 125 restaurants globally in new locations.
The casual dining segment of the restaurant industry has been losing ground to competition from quick-service restaurants like Panera Bread or Chipotle Mexican Grill, many of which have positioned themselves as offering healthier or more upscale food.
Wyoming has five Applebee’s restaurants: Casper (Evansville), Cheyenne, Laramie, Gillette and Rock Springs; and three IHOPs, also in Casper (Evansville), Cheyenne and Rock Springs. There were no details on which outlets would be closed, or whether the Wyoming restaurants are at risk.
DineEquity reported net income of $20.9 million, or $1.18 a share, in the second quarter, a drop from $26.4 million, or $1.45 a share, compared to the same quarter last year.
Applebee's domestic system-wide comparable same-restaurant sales declined 6.2 percent in the second quarter of 2017, while IHOP's declined 2.6 percent during the same period, according to the company.
The Glendale, Calif.-based company has 3,700-plus restaurants in 19 countries.Â
Let the news come to you
Get any of our free email newsletters — news headlines, sports, arts & entertainment, state legislature, CFD news, and more.
