Editing Applebee's (section)

=== 2007–present: Acquisition by IHOP ===
[[File:Applebees-lenexa.jpg|thumb|Former headquarters in [[Lenexa, Kansas]] (now called Restaurant Support Center)]]
On July 16, 2007, [[Dine Brands|IHOP Corp.]] announced that it agreed to buy Applebee's International for about $2.1 billion. Applebee's shareholders would receive $25.50 in cash per share, representing a 4.6% premium to the closing price on July 13, 2007.<ref name="Applebee's-Dec-2007-8-K" />

The acquisition was completed on November 29, 2007,<ref name="Applebee's-Dec-2007-8-K">{{cite web|url=http://edgar.secdatabase.com/1034/110465907086923/filing-main.htm |title=Applebee's, Form 8-K, Current Report, Filing Date Dec 5, 2007 |publisher=secdatabase.com |access-date =January 11, 2013}}</ref><ref name="Acquisition">{{cite press release|url=http://phx.corporate-ir.net/phoenix.zhtml?c=104384&p=irol-newsArticle_Print&ID=1082773|title=IHOP Corp. Successfully Completes the Acquisition of Applebee's International, Inc.|publisher=IHOP Corp.|date=November 29, 2007|access-date=April 10, 2012}}</ref> after which IHOP Corp. was renamed [[Dine Brands|Dine Equity]].<ref>{{cite web|url=http://pdf.secdatabase.com/632/0001104659-08-037204.pdf |title=DineEquity, Form 8-K, Current Report, Filing Date Jun 2, 2008 |publisher=secdatabase.com |access-date =January 11, 2013}}</ref> The combined company became the largest full-service restaurant company in the world, with more than 3,250 locations.<ref name="Acquisition" /><ref>{{cite web|url=http://edgar.secdatabase.com/1076/110465907053976/filing-main.htm |title=Applebee's, Form 8-K, Current Report, Filing Date Jul 16, 2007 |publisher=secdatabase.com |access-date =January 11, 2013}}</ref> A major goal for the new ownership was to revitalize the chain, as well as shift towards a franchise model for the majority of its locations.<ref>{{cite news|last=Adamy|first=Janet|date=October 31, 2007|title=IHOP's Tall Order: Reviving Applebee's|work=[[The Wall Street Journal]]|url=https://www.wsj.com/article/SB119376561362776405?mod=dist_smartbrief|accessdate=July 12, 2019}}</ref>

In 2013, the chain faced an uproar on the Internet after firing a waitress who posted a picture of a customer's receipt that had a rude note written on it objecting to a required gratuity, and then poorly handling their response to the incident.<ref>{{Cite web|url=https://www.nbcnews.com/business/applebees-social-media-faux-pas-learning-experience-1B8251556|title=Applebee's social media faux pas a 'learning experience'|last=Weisbaum|first=Herb|date=February 5, 2013 |publisher=[[NBC News]]|access-date=March 7, 2022}}</ref>

On August 11, 2017, DineEquity announced that Applebee's would close between 105 and 135 locations by the end of the year. Same-store sales decreased 7% in the previous quarter.<ref>{{Cite web|url=http://fortune.com/2017/08/10/applebees-closing-105-restaurants/|title=Applebee's Will Close at Least 105 Restaurants This Year|last=Abrams|first=Abigail|website=Fortune|access-date=August 11, 2017}}</ref><ref>{{Cite web|url=https://www.businessinsider.com/applebees-is-ditching-millennials-2017-8|title=Applebee's is ditching millennials after they forced hundreds of restaurant closures|last=Taylor|first=Kate|website=Business Insider|access-date=March 20, 2020}}</ref>

In-late 2017, Applebee's began to place an increased focus on promotions involving low-cost [[cocktails]], including a $1 [[margarita]] promotion dubbed the "Dollarita" in October, and $1 [[Long Island iced tea]] (promoted as "L.I.T.s") in December. The drinks would serve as a [[loss leader]], with customers subsequently upsold towards higher-priced food products. Despite hesitation by some franchisees to participate, the promotions were associated with a major increase in traffic at some locations, and prompted the chain to offer similar promotions later on. Dine Brands' new CEO Steve Joyce credited the promotions with having helped influence a major financial turnaround at the company, noting that almost all customers who ordered one also ordered food, and that some customers also moved towards the other cocktails on its menu.<ref>{{cite web|last=Taylor|first=Kate|date=November 10, 2018|title=The CEO behind Applebee's reveals how the Dollarita played an essential role in the chain's turnaround|url=https://www.businessinsider.com/applebees-dollarita-sparked-turnaround-ceo-says-2018-11|access-date=March 23, 2020|website=Business Insider Australia}}</ref><ref>{{cite web|last=Taylor|first=Kate|title=How the CEO behind Applebee's and IHOP pulled off a shocking turnaround in just a year|url=https://www.businessinsider.com/applebees-ihop-dine-brands-ceo-comeback-interview-2018-11|access-date=February 25, 2022|website=Business Insider}}</ref><ref>{{Cite web|date=December 12, 2017|title=Are Applebee's $1 Cocktails Really a Good Idea?|url=https://www.eater.com/2017/12/12/16747622/applebees-1-dollar-long-island-iced-teas-dollaritas-cocktail-economics|access-date=February 12, 2018|website=Eater}}</ref>

As of December 31, 2019, there were 1,787 restaurants operating system-wide in the United States and 15 other countries, including 69 that are company owned and 1,718 that are franchised.<ref name="10K" /> United States locations have steadily declined in recent years and as of December 26, 2022, there were 1,586 locations.<ref>{{Cite web |last=A data company |first=ScrapeHero |date=December 26, 2022 |title=Number of Applebees International stores in the United States in 2022 |url=https://www.scrapehero.com/location-reports/Applebees%20International-USA/ |access-date=2023-01-07 |website=ScrapeHero |language=en}}</ref>

In March 2024, Dine Brands announced it was exploring Applebee’s-IHOP dual-branded restaurants that might launch within 12-24 months, after the successful introduction of prototypes in international markets. CEO John Peyton said the restaurants were the same size as standalone restaurants of each brand but generated twice the revenue.<ref>{{Cite web |title=A combination Applebee's-IHOP? Parent company wants to bring dual-brand restaurants to the US |url=https://www.usatoday.com/story/money/food/2024/03/03/ihop-applebees-combination-restaurants-us/72831601007/ |access-date=2024-03-04 |website=USA TODAY |language=en-US}}</ref><ref>{{Cite web |date=2024-02-29 |title=Co-branded IHOP/Applebee's restaurants may come to the U.S. soon |url=https://www.nrn.com/franchising/co-branded-ihopapplebee-s-restaurants-may-come-us-soon |access-date=2024-03-04 |website=Nation's Restaurant News |language=en}}</ref>