Applebee’s, IHOP owner will close 160 restaurants
There’s more bad news for casual-dining restaurants with word that the parent company of Applebee’s and IHOP will close up to 160 restaurants.
Applebee’s will take the biggest hit with 105 to 135 of its restaurants shutting down, said parent DineEquity. And 20 to 25 IHOPs will get the ax.
But the two chains will open about 125 restaurants in new locations worldwide, the company said.
There are two Applebee’s in Utah County — in American Fork and Orem. There are three IHOP locations in the county — in American Fork, Orem and Springville.
Analysts said Applebee’s has had a particularly hard time.
Applebee’s “remains out-of-favor with casual-dining consumers….Sister concept IHOP may be feeling the effects of DineEquity’s struggles as well,” said Instinet analyst Mark Kalinowski in a report released Friday.
The company did not release a list of locations that will be closed.
A spokesman for the company called the closures “a normal course of business.”