DineEquity, Applebee's parent company, announced Thursday that it planned to close between 105 and 135 of its almost 2,000 locations in the U.S.by the end of the fiscal year, CBS Boston reported. Joyce was the former CEO of Choice Hotels. The company said that IHOP will add between 80 and 95 restaurants, the majority of which are expected to open in the U.S. That figure is an increase from a number of 75 to 90 restaurants. He takes over for Dahl, the board chairman who stepped in on an interim basis when former CEO Julia Stewart resigned in February.
The parent of Applebee's and IHOP reported Thursday that same-store sales declined at both restaurant chains but its shares rose as profit topped analysts' estimates.
DineEquity shares have lost nearly half their value this year, closing Thursday at $38.81.
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These closures typically fall into one or two categories. Thrivent Financial for Lutherans now owns 9,270 shares of the restaurant operator's stock worth $714,000 after buying an additional 540 shares during the period.
The changes made by the parent company have come as the most recent American Customer Satisfaction Index was released that found restaurant in the fast-food industry have scored higher than rivals in the full-service industry. The original version of this news story can be viewed at https://www.themarketsdaily.com/2017/08/11/zacks-brokerages-anticipate-dineequity-inc-din-will-post-quarterly-sales-of-156-40-million.html.
He said IHOP "remains on solid ground, despite soft sales this quarter". Same-store traffic fell by 3% during June. Tudor Investment Corp ET AL bought a new stake in shares of DineEquity during the first quarter worth about $403,000.
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The company said the exact locations have not been determined.
DineEquity operates more than 3,700 restaurants in 19 countries and about 400 franchisees. About 135 of the restaurants are Applebee's, and the rest are IHOPs. But Applebee's president John Cywinski said during the call that the targeted restaurants will be the older ones in areas that aren't busy and restaurants that failed to meet expectations.
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