IHOP updates Applebee’s condition, recovery plan

NEW YORK Outlining turnaround plans for the newly acquired Applebee’s Neighborhood Grill & Bar brand, executives of IHOP Corp. stressed the opportunities but acknowledged to a roomful of financial analysts that proceeds from the sale of company-operated Applebee’s units may fall short of expectations.

Refranchising most of the 475 corporate stores was cited by IHOP during its pursuit of the casual-dining company as a key means of realizing Applebee’s value. Spea

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