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Applebee's set to close up to 35 further locations in 2024
Applebee's is to close another 35 further locations this year, after shutting 46 in 2023.
The restaurant chain has shut at least three locations so far this year and has plans to close even more, president Tony Moralejo said in an earnings call on Wednesday.
Closing restaurants was 'an incredibly difficult decision' and a 'last resort' for the company, Moralejo said.
The American grill chain, famous for its $10 burgers and 'dollaritas', closed 46 of its more than 1,500 locations due to 'underperformance' last year.
The franchise - which competes with the likes of Waffle House and Denny's - has been shutting hundreds of restaurants since 2017.
Applebee's is set to close up to 35 further locations this year, after closing 46 in 2023
Hudson, 120 miles north of New York City, is one such location affected by the most recent round of closures.
Hudson's neighborhood Applebee's will shut its doors on May 19.
Workers impacted by the shutdown have been offered other jobs within the franchise, WTEN reported.
'We greatly appreciate our neighbors' patronage for the past 15 years and have loved being a part of this neighborhood,' a spokesperson for the local franchise said.
'We hope to see you at our neighboring restaurants throughout the Albany and Hudson Valley markets' they added.
'Consumer caution with respect to economic conditions persisted following the holiday period and as a result the consumer has become more price sensitive,' John Peyton, CEO of parent company Dine Brands said during the earnings call on Wednesday.
Hudson, New York is one such location affected by the most recent round of closures
Dine Brands Global which also owns IHOP will begin building combined Applebee/IHOP restaurants in 2025
However parent company Dine Brands Global, which also owns IHOP, will begin building combined Applebee's/IHOP restaurants in 2025.
California-based Dine Brands stock is down 30 percent year to date, trading at $43 a share on Thursday.
The company also reported a decline in revenue, missing Wall Street's expectations in the first quarter.
Dine's sales at all its restaurants - including Applebee's and IHOP - fell to $206 million in the first three months of this year.
This decline was on the back of sales bring down 4.6 percent at Applebee's and 1.7 per cent at IHOP.
Other restaurant chains such as Cheesecake Factory have also faced a drop in customers - who are fed up with rising prices.
Prices at America's biggest fast-food chains have also soared above the rate of inflation in the last five years.
But figures suggest consumers have had enough of the rises and are voting with their wallets.
Visitors to fast food chains is down 3.5 percent in the first three months of the year compared to 2023, according to data from Revenue Management Solutions.
It means big chains like McDonald's, Wendy's, Popeyes, Pizza Hut and Chipotle have likely sold millions fewer burgers, pizzas and burritos.
Applebee's store closures so far in 2024:
Antioch, California: Closed February 25
Waco, Texas: Closed on April 29
Hudson, New York: Closed on May 19