Lenexa, Kan. DineEquity Inc., which owns Applebee’s and IHOP, has agreed to sell 66 company-owned Applebee's restaurants in Texas and New Mexico to reduce debt, according to the Kansas City Star.
The announcement Monday came at the same time that the company reported a $16.4 million loss for the quarter ended Sept. 30, compared with a loss of $11.6 million in the same quarter a year ago. It reported revenue of $391.2 million compared with $91.3 million in the same quarter a year ago, before it had taken on Applebee's.
The company has been attempting to sell company-operated Applebee's restaurants to franchisees since it bought the chain last year for about $2.1 billion.
The plan, when it acquired the country's largest casual-dining chain, was to sell company-owned restaurants to help finance the deal.