By Ginny Harman
DineEquity, the parent company of Applebee’s Neighborhood Grill & Bar and IHOP restaurants has announced that the company will be closing 105 to 135 locations due to disappointing sales.
“We are investing in the empowerment of our brands by improving overall franchisee financial health, closing underperforming restaurants and enhancing the supply chain,” interim CEO Richard Dahl said in a release.
CBS News says DineEquity shares have lost almost half their value this year.
“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,” he added.
DineEquity has not released a schedule indicating which restaurants will shutter as of press time.