DineEquity Announces Completion of Transition to a 99% Franchised Restaurant System
DineEquity (NYSE: DIN), the parent company of Applebee's
Neighborhood Grill & Bar and IHOP Restaurants, today announced that it
has completed the refranchising program initiated in 2008, successfully
transitioning to a 99% franchised restaurant system.
With the closure of the deal to refranchise 39 Applebee's
company-operated restaurants in Virginia to Potomac Family Dining Group,
LLC, DineEquity has completed its refranchising initiative, which has
resulted in the sale of 479 restaurants since its acquisition of
Applebee's International, Inc. in November 2007.
“We are extremely excited to have reached this significant milestone by
accomplishing what we set out to do when Applebee's was acquired,” said
Julia A. Stewart, Chairman