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More Than 100 Applebee's Locations To Close
The parent company of Applebee’s said Thursday that it would close more than 100 locations after a disappointing second quarter.
DineEquity did not say which restaurants would be closed nationwide or provide a timeline, but it did blame a failing campaign to target millennials for its continuing losses.
In 2016, Applebee's closed 46 locations. In March of this year, Applebee's said that it planned to close 40 to 60 more. Now that number is up to 135.
The Applebee’s chain currently has about 2,000 locations. CEO Richard Dahl said in a call with investors the restaurant is long overdue in closing poorly performing restaurants.
Applebee's same-store business fell 7 percent this past quarter. Net income for DineEquity, which also owns IHOP, fell 26 percent this quarter, compared with the same quarter last year.
Applebee’s is not alone.
Similar slumps have been noted in other casual dining restaurants. Buffalo Wild Wings CEO Sally Smith said in June that Millennials are not going to these style restaurants and instead are choosing fast casual or to cook at home.