The parent company of Applebee's and IHOP plans to close as many as 160 locations of the two restaurant chains.Dine Equity could shut down more than 100 Applebee's and 25 IHOP restaurants this year.Both chains have been hit by a slowdown in the casual dining industry as customers shift to eateries with faster service.The company did not yet specify which locations might close or how many employees could be effected.There are currently about 12,000 Applebee's and 1,700 IHOP locations open woridwide.---------- DineEquity Inc. of Glendale, Calif., revised expectations for the full fiscal year during its quarterly earnings call, saying that 105 to 135 Applebee’s restaurants could close, compared to previous expectations that 40 to 60 locations could shut down. DineEquity reiterated its plan to open 20 to 30 Applebee’s, mostly abroad, and revised its plan to open 80 to 95 IHOP restaurants, mostly in the U.S. That's up from the 75 to 90 restaurants globally that it announced previously.
DineEquity announces it will close 160 Applebee's and IHOP restaurants.