(CBS) — DineEquity, parent company of Applebee’s and IHOP, announced Thursday that it will close more than 100 Applebee’s locations and up to 25 IHOP restaurants this year, CBS News reports. The announcement comes as the restaurant company looks for cost-cutting solutions.
Globally, the company is looking to open more IHOP locations, though it plans to close at least 20 and up to 25 in the United States.
CBS News reports DineEquity shares have lost nearly half their value this year.
There has been no word yet on which restaurant locations will be closing.