WEB Notes: Are they going out of business due to the economy? Probably not, more than likely due to the low quality food they sell.
The parent company of Applebee’s and IHOP plans to close up to 160 restaurants, vastly boosting the number of eateries from the two comfort-food chains that it plans to shutter.
Some 105 to 135 Applebee’s restaurants will close, up from the 40 to 60 that parent DineEquity said would close in the first quarter. Also on the chopping block are an estimated 20 to 25 IHOP sites, up from about 18.
At the same time, the two chains now will open 125 restaurants globally between them in new locations, DineEquity said.