(Meredith) – Applebee’s has announced it will be closing another 60 to 80 restaurants this year.
The restaurant’s parent company, Dine Brands Global, said it also plans on closing 30 to 40 additional IHOPs as well.
Dine Brands Global, formerly known as Dine Equity, is transforming their brand and image. That transformation comes on the heels of a $324 million loss in 2017, Fox Business reported. However, according to a press release from Dine Brands Global, the majority of that loss was due to a write-down of Applebee's goodwill. The company's 2017 revenue was only down about $30 million from 2016.
Last year, Dine Brands Global closed 99 Applebee's and 23 IHOPs. In 2016, 46 Applebee’s and 16 IHOPs were closed. However, the company is planning on opening 85 to 100 IHOP locations this year, with an additional 10 to 15 new Applebee's.
It’s unclear which locations will be closing, but Fortune reported that if a store wishes to remain, they’ll be judged on the following points:
Meeting brand standards
Meeting image standards
“We continue to make excellent progress against our plan to stabilize and grow performance at both brands,” Stephen P. Joyce, CEO of Dine Brands, said in a press release. “We are working on several exciting initiatives to expand our revenue channels, continually enhance the guest experience, improve operations and grow our global presence while investing in the long-term health of our two strong brands."