The parent of Applebee’s and IHOP restaurants said Thursday that as many as 160 locations could close throughout this fiscal year, though the company also plans to open dozens of new restaurants.
Glendale, Calif.-based DineEquity Inc. previously announced plans to close 40 to 60 Applebee’s. But it now plans to close 105 to 135 locations of the restaurant, which had its headquarters in the Kansas City area until 2015. DineEquity also planned to close 18 IHOPs, but now it will close 20 to 25 locations. It didn’t release the locations of the stores that will close but said the closings will be based on several criteria, including franchisee profitability, operational results and meeting brand quality standards.
DineEquity also named Stephen Joyce, former head of hotel firm Choice Hotels International Inc., as its new chief executive. Joyce replaces Julia Stewart, who engineered the IHOP and Applebee’s merger but resigned as chairman and CEO in March.