Applebee's, the institution that has come to symbolize the vitality of strip-mall America, recently announced quarterly losses. The corporation may begin unloading their stores to franchises.
"High fuel prices have forced its customers to cut back on dining out"
Applebee's considers sale
Casual dining chain Applebee's International (APPB) is exploring its strategic options, including a possible sale of the company.
The casual dining sector has struggled for the past year as high fuel prices have forced its customers to cut back on dining out.
Applebee's January sales of restaurants open at least a year fell 5.8 percent, partly because of winter weather. The struggles have led a major shareholder to press for change, including electing four new board members and selling most of the company-owned restaurants to franchisees.
When corporate stalwarts of the suburban lifestyle and the leader in "well-slathered" food start making plans to Cut-and-Run, can the Death of Sprawl be far behind?
If you own a suburban home far from work and urban life, get out while you still have a chance.
Come back to cities where you can walk to a restaurant.
(hat tip to JH)