The recent closing of an Applebee's restaurant in Independence was merely a down payment on what's to come for the formerly Kansas City-based chain.
Dine Brands Global Inc. (formerly DineEquity Inc.) plans to close 60 to 80 Applebee's restaurants as it works on its finances and image. The company also will develop 10 to 15 new restaurants, although most will be international openings.
Dine Brands also will close 30 to 40 IHOP locations, while developing 85 to 100 new restaurants. Most of the new IHOPs will be in the United States, the company said.
It wasn't a great year for the restaurant company, which reported a loss of $330.5 million, or $18.28 a share, for 2017. A big hit came from a write-downs of Applebee's goodwill, however revenue for the year declined roughly $30 million compared with 2016.