A Massive Restaurant Now Confirms Surprising Closures in Months

A massive restaurant now confirms surprising closures in months, the result of a new development structure, per the company.

Dozens of Applebee’s across the country are closing down this year.

The owner of Applebee’s announced that Americans can expect between 25 to 35 closures across the country by the end of the year.

CFO of Dine Brands Global, which owns Applebee’s and breakfast chain IHOP, Vance Yuwen Chen announced in February that Applebee’s locations will be closing.

However, Applebee’s president, Tony Moralejo, assures that these closures are not a sign of a struggling business.

Moralejo said in an earnings call that although 25 to 25 Applebee’s locations will be closing this year, around 25 IHOP restaurants will be opening.

Both Chen and Moralejo frame these closures as a result of a new development structure.

“With our new development strategy in place, we feel confident in our ability to continue to open up new restaurants and scale the footprint of our brands over time,” Moralejo said.

“These closures aren’t a sign of struggling franchisees…And I can assure you that our leadership team, we’re pulling every lever we have to offset the downside of closings.”

The last time that Applebee’s closed a significant number of stores was back in 2017 when the franchise closed over 100 locations.

At the time, Dine Equity’s interim CEO Richard Dahl said in a second quarter earnings call that the closures were “long overdue.”

Moralejo assures that these closures will not be a repeat of that year.

Applebee’s 2024 closure rates are between 1-2% which is normal for a brand of its age and development, Moralejo told Today.

“Applebee’s is a mature brand and it is natural to have closures with changing trade areas and franchisee agreement expirations,” Moralejo said.

“Our goal is to return to net unit growth in the coming years with a new value engineered prototype and a continued focus on increasing top line sales while improving our franchisees’ margins.”

Applebee’s still has over 1600 locations worldwide with IHOP operating over 1700 locations worldwide.

In an effort to re-strategize, Dine Brands Global has also been experimenting with combining Applebee’s and IHOP.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

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Market News Today - A Massive Restaurant Now Confirms Surprising Closures in Months.
Market News Today – A Massive Restaurant Now Confirms Surprising Closures in Months.

A massive clothing retailer is now closing all 540 stores in just six weeks after unexpectedly filing for bankruptcy.

Liquidation sales will be held at rue21 outlets across the US as bosses rush to clear the last remaining stock.

The clothing retailer has entered bankruptcy and bosses have announced plans to close all 540 remaining stores within six weeks, reports The US Sun.

It is the third time in less than 25 years the fashion retailer has entered bankruptcy, per Bloomberg.

Court documents seen by Reuters revealed the company has more than $190 million of debt.

The chain has 540 stores across the US and 4,900 workers are set to be impacted.

Outlets are to slam shut within four to six weeks, according to court papers.

Bosses also announced plans to sell the company’s intellectual property.

The company narrowly avoided going into bankruptcy in October 2022.

Chiefs filed for bankruptcy in 2017 as they rushed to clear around $700 million worth of debt.

Bosses shuttered 400 stores as well and renegotiated leases.

Execs identified the rise of online shopping and changing consumer trends as reasons behind the bankruptcy.

Michele Pascoe, the interim CEO, also alluded to the impacts of competition and inflation.

The company also filed for bankruptcy in 2002.

At its peak, the company had more than 1,000 stores across the US.

The chain has dozens of outlets across several states, including Florida, Georgia, Illinois, North Carolina, Pennsylvania and Texas.

The teen fashion retailer is not the only clothing chain that has entered bankruptcy over the past year.

Last month, Express chiefs filed for bankruptcy, and at least 100 stores are set to close.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Massive Restaurant Now Confirms Surprising Closures in Months.
Market News Today – A Massive Restaurant Now Confirms Surprising Closures in Months.

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