All of the numbers in this New York Times piece give me an Excedrin headache, but what it comes down to is this: IHOP just bought Applebee's for around $1.9 billion.
IHOP's CEO is a former president at Applebee's, so I guess they're keeping it in the family.
Here's where the numbers come in: IHOP is going to sell (and then lease back) Applebee's 508 restaurants, to help reduce any debt. IHOP thinks that the restaurants that have been open at least a year and a half will increase sales by 2 to 3%, compared to a 4% drop last quarter. In the stock market yesterday, IHOP closed up at $61.24 and Applebee's closed up at $24.91.
7-17-2007 @2:06PM John said... "IHOP just bought Applebee's for around $1.9 million."
That would be quite the bargain. It's billion, with a "B".
Reply
7-17-2007 @4:54PM jsmylie said... Here's to hoping we don't see any more infants served margaritas.
Reply
7-18-2007 @1:44AM Steven Andrew Miller said... There are only 508 Applebee's locations? God, it seems like a lot more than that.
Reply
7-22-2007 @3:55PM Hillbill said... I'm going to make the point that it's not Applebees fault some idiot filled a kids cup with margarita mix. Don't blame an entire restaurant chain for one persons mistake.
Reply
4-05-2009 @10:31AM CM said... 508 corporate owned Applebees, rest are franchise. Close to 1900 total.
Reply