DineEquity Inc., the parent company of Kansas City-based Applebeeâ€™s, is selling 65 company-operated Applebeeâ€™s restaurants for $61 million, a deal that would complete the restaurant chainâ€™s transition to a 99 percent-franchised system.
DineEquity announced Wednesday that it would sell 65 Michigan restaurants to TSFR Apple Venture LLC. After the sale, DineEquity will own 23 test-market Applebeeâ€™s restaurants. In total, it has sold or reached sale agreements for 510 locations since acquiring Applebeeâ€™s in November 2007. More.