UPDATE: Possibility of Applebee's sale has investors wondering what's next

OVERLAND PARK Kan. Applebee’s International Inc. said it has formed a committee of independent directors to explore the possibility of selling the company or pursuing other “strategic alternatives,” including a recapitalization.

The news comes just four months after activist investor Breeden Partners, a 5-percent stakeholder in the casual-dining giant, had begun to pressure Applebee’s to improve shareholder returns through re-franchising, cuts in spending and

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