ADVERTISEMENT

Applebee’s restaurants are disappearing across the US (DIN)

Applebee's will close between 40 and 60 locations this year.

“We believe that restaurant closures are an important tool to preserving the financial health of the system,” acting CEO Richard Dahl said in a call to investors this week. The company's CEOCFO

ADVERTISEMENT

DineEquity reported fourth quarter earnings this week. Revenue was

Applebee's, which closed 46 locations in 2016, is suffering from an industry-wide slowdown that many analysts fear could be the beginning of a restaurant recession.

"Obviously, we are not immune to the pressures faced by the category during in the fourth quarter, particularly in December, which was the worst for casual dining sales and traffic during 2016," Dahl said to investors.

ADVERTISEMENT

According to the food-business publication FSR Magazine, only 34% of casual-dining brands recorded by the industry tracker TDn2K had positive comparable restaurant sales in the third quarter of 2016.

Dahl claimed that new products introduced during 2015 and 2016, like its hand-cut grilled meat, did not resonate well with customers and

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

ADVERTISEMENT