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Applebee's and IHOP Closures Indicate Pressure on Casual-Dining Sector

“We are investing in the empowerment of our brands by improving overall franchisee financial health, closing underperforming restaurants and enhancing the supply chain,” said board chair and interim CEO Richard J. Dahl in a statement.

The company named Stephen Joyce as its new chief executive officer, replacing Julia Stewart, who resigned in February.

On an earnings conference call Thursday, Applebee’s President John C. Cywinski outlined the reasons for the store closings:

The casual-dining segment has been under pressure from fast-casual rivals such as Panera Bread and Chipotle Mexican Grill, which have emphasized their food as more healthful options to fast-food competitors such as McDonald’s and Wendy’s.

Black Box Intelligence, a unit of TDn2K, which provides financial and market data for the restaurant industry, said overall same-store sales fell 1% in June and 1% for the second quarter.

READ MORE (24/7 Wall St.)

  • Get those $1 margaritas while you can as Applebee's to close up to 135 locationsDallas News
  • Local IHOP, Applebee's not among 160 announced
  • DineEquity to close 160 Applebee's, IHOP restaurants, open some new
  • Applebee's, IHOP to shutter up to 160 restaurantsOrlando Business Journal
  • Up to 160 Applebee's, IHOP stores slated to closeGrand Forks Herald
  • Applebee's to close up to 135 stores; mostly older
  • IHOP and Applebee's To Close 125+ Locations In Attempt To Stay AliveThe Inquisitr
  • Up to 160 Applebee's, IHOP restaurants to
  • Applebee's closing 135 restaurantsFox Business

This post first appeared on The 5th News, please read the originial post: here

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Applebee's and IHOP Closures Indicate Pressure on Casual-Dining Sector


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