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.
Chocolate-stuffed bananas on the grill
Tyler Florence welcomes new daughter
Beware kids' menus!
Reader Comments (Page 1 of 1)
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.
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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.
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7-23-2007 @ 7:33PM
CM said...
508 corporate owned Applebees, rest are franchise. Close to 1900 total.
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