DineEquity Inc., the parent company of Applebee’s Neighborhood Bar & Grill and IHOP, is planning to close up to 160 of the restaurants, the company said Thursday.
The company said it was still determining which restaurants would be closing.
Applebee’s has more than 20 locations in the Indianapolis area. IHOP, or International House of Pancakes, has at least seven locations.
DineEquity said it would close 105 to 135 Applebee’s and 20 to 25 IHOPs.
The company had previously said it planned to close 40 to 60 Applebee’s and 20 to 25 IHOPs, but revised that decision based on declining financial performance.
DineEquity said it will also open 20 to 30 new Applebee’s restaurants, mostly in international locations, and 80 to 95 IHOP locations, mostly in the United States.
There are 1,968 Applebee’s locations and 1,752 IHOP restaurants worldwide.
The company on Thursday named Stephen Joyce, former chief of Choice Hotels International Inc., as its new CEO, replacing Julia Stewart, who resigned in March.
"We are investing in the empowerment of our brands by improving overall franchisee financial health, closing underperforming restaurants and enhancing the supply chain," interim CEO Richard Dahl said in a written statement. "We believe 2017 will be a transitional year for Applebee's, and we are making the necessary investments for overall long-term brand health and expect to see improvement over the next year."
DineEquity shares have lost almost half their value this year. They closed Thursday at $38.81 each.