Categories Finance, Retail

Applebee’s in hot grill, to close more restaurants

If you are a fan of Applebee’s, this is going to disappoint you. 

Applebee’s is planning to close 60 to 80 locations in 2018 while its sister chain IHOP is planning to shutter 30 to 40 locations. That adds up to around 120 restaurants between the both of them.

The brand has been struggling to gain favor with the millennials without much success.

An Applebee’s outlet

In 2017, Applebee’s closed 99 locations while IHOP closed 23.

Applebee’s has been trying to reinvent itself as a modern bar and grill over the past few years in its attempts to woo younger customers. The company said it is trying to extend its reach without alienating Boomers or Gen-X-ers. This has, however, led to the restaurant moving away from its roots.

Applebee’s joins other restaurant chains like Ruby Tuesday and Buffalo Wild Wings in the quagmire of store closures and slow sales.

Despite this situation, Applebee’s is looking to open 10 to 15 new restaurants in 2018, mostly outside the U.S.  IHOP meanwhile plans to open 85 to 100 restaurants within the U.S.

The parent company of Applebee’s and IHOP changed its name from DineEquity to Dine Brands Global Inc., effective Tuesday, as part of its transformation strategy.

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