Sad news if you're a big fan of IHOP or Applebee's: DineEquity, the company that owns both franchises, will be closing down a whole slew of them across the country. May your favorite spot not be one of them!
More than 100 Applebee's locations are going to shut down, while between 20 and 25 IHOP locations will face the same fate, notes CBS News. IHOP has it a little better of the two chains; however, the company intends to open many new locations globally too.
"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 statement in a DineEquity news release. "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."
Dahl said that IHOP had "soft sales this quarter," but the company has big plans to keep the pancake chain -- which he described as "on solid ground" -- relevant, hip and convenient for the current generation.
"I am optimistic about the growth in both effective franchise restaurants and system-wide sales," the interim CEO added. "IHOP is currently rolling out initiatives to address the convenience needs of our guests, which are inclusive of online ordering as well as accelerating tests for delivery and development of an IHOP mobile application. We believe these will create enhanced revenue channels."
All I know is that I'm so glad IHOP is still open for business for the foreseeable future, because I haven't had the chance yet to try those French-toasted donuts that people are raving about!
Sweety High gave them all glowing reviews -- as long as you're willing to enter a food coma that must ensue when you down donuts covered in syrup and super-sweet toppings.