Up to 160 Applebee's, IHOPs will close

Competition from 'quick-service' casual restaurants is hurting Applebee's.
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The company that owns Applebee's and IHOP has announced it will be closing up to 160 restaurants.

DineEquity revealed in its latest quarterly results that between 120-135 Applebee's and between 20-25 IHOP will be shuttered, with a handful of new outlets opening mainly outside the U.S.

The restaurants set for the axe have not yet been revealed, with the list not finalized.

Minnesota is currently home to 52 Applebee's and eight IHOP locations.

The LA Times reports that Applebee's president John Cywinski said the restaurants that close will be older ones in "less-busy areas" and those that have performed worse than expected.

USA Today notes that Applebee's in particular has struggled with the rise of quick-service competitors like Panera Bread and Chipotle, which market themselves as offering "healthier and more upscale food."

And Applebee's is yet another chain that business analysts claim are being "killed" by millennials, with Business Insider saying Applebee's and competitors like Buffalo Wild Wings and TGI Fridays are struggling because of changing consumer tastes.

Millennial consumers are more attracted to "cooking at home, ordering delivery from restaurants, and eating quickly, in fast-casual or quick-serve restaurants," the website notes.

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