Applebee's to close up to 135 locations

Legal & General Group Plc Sells 392 Shares of DineEquity, Inc (DIN)

Many customers are opting for establishments known as "fast-casual chains", like Chipotle and Shake Shack, the report said.

The operator of Applebee's and IHOP restaurants has said that it plans to close as many as 160 locations.

With more than 3,700 restaurants in 19 countries and about 400 franchisees, DineEquity is one of the largest full-service restaurant companies in the world.

A list of potential closure locations has not been released. In February, DineEquity CEO Julia Stewart quit the company amid a steady decline.

The announcement coincided with the company's revelation that Stephen Joyce, CEO of Choice Hotels International, has been tapped to replace Dahl as its new CEO in September.

The company reported a net income of $20.9 million in the second quarter, down $5.5 million year over year.

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News of IHOP and Applebee's closing stores came during DineEquity Inc's earnings report for the second quarter of the year.

DIN stock was up 1% as of noon Friday, but is down 49% year-to-date. First, those that are older and located where high traffic is no longer present. Gotham Asset Management LLC now owns 235,233 shares of the restaurant operator's stock worth $12,801,000 after buying an additional 44,186 shares during the period. They had originally announced opening 18 new restaurants and closing between 75 and 90.

The company is still expecting Applebee's same-restaurant sales to range from down 6% to down 8% in 2017, compared with prior guidance of down 4% to down 8%. Same-store traffic fell by 3% during June.

ILLEGAL ACTIVITY NOTICE: "Zacks: Brokerages Anticipate DineEquity, Inc (DIN) Will Post Quarterly Sales of $156.40 Million" was published by Markets Daily and is owned by of Markets Daily.

In the casual-dining space, among the casualties has been Cosi, which filed for bankruptcy protection a year ago and closed 29 locations; Red Robin Gourmet Burgers, which closed its Burger Works unit; and Pollo Tropical, which shuttered 10 stores.

John Cywinski, Applebee's president, said during the call that the brand will be "aggressive" on restaurant closures this year. For all of 2107, Applebee's sales declined 7%, while IHOP's declined 2.1% overall.

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