PHILADELPHIA (CBS)— DineEquity Inc., the parent company of Applebee’s and IHOP says they plan to close as many as 160 locations, according to the Los Angeles Times.
The paper reports that the closures are expected throughout this fiscal year.
DineEquity Inc. says in a quarterly earnings call that 105 to 135 Applebee’s restaurants could close. DineEquity also said it expected to open 20 to 30 new Applebee’s restaurants across the world.
At IHOP, DineEquity said closures could range between 20 and 25 restaurants, but the company expects to open 80 to 95 new locations.
The company told the LA times that they did not have a list of closures, noting that the exact locations have not been determined.
Worldwide, there are 1,968 Applebee’s locations and 1,752 IHOP restaurants.