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Stock impact report

Applebee's is closing up to 135 locations across the US after ditching its 'Middle America roots' to win over millennials (DIN) [The Business Insider]

RUBY TUESDAY (RT) 
US:NYSE Investor Relations: rubytuesday.com/investors/ir-home
Applebee's is closing up to 135 locations across the US after ditching its 'Middle America roots' to win over millennials Applebee's locations are disappearing across the US. On Thursday, executives announced that the chain plans to close between 105 and 135 locations this year. "We are long overdue in rationalizing the size of our system and closing poorly performing restaurants," Dine Equity CEO Richard Dahl said in a call with investors. In March, Applebee's said that it planned to close 40 to 60 locations in 2017 . In 2016, Applebee's closed 46 locations. Dine Equity, which also owns IHOP, reported that its net income in the second quarter was $20.9 million, down from $26.4 million in the same quarter last year. Applebee's same-store sales decreased 7% in the quarter. Executives blamed difficulties in part on Applebee's attempt to win over millennial diners. Applebee's tried to win over millennials by modernizing the brand with changes such as installing wood fire grills in all Show less Read more
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