Sunday, March 02, 2008

IHOP Planning $350 Million Sale Leaseback of 190 Applebee's Restaurants

IHOP Web Site - February 27, 2008

IHOP Corp. (NYSE: IHP) today provided financial guidance and highlighted key operational and financial benchmarks that will drive the performance of its IHOP and Applebee's businesses in fiscal 2008.

These benchmarks include the sale-leaseback of approximately 190 company-owned Applebee's restaurant locations as well as its Restaurant Support Center headquartered in Lenexa, Kansas. These actions are expected to generate after-tax cash proceeds of approximately $350 million and approximately $40 million, respectively.

Based in Glendale, California, IHOP Corp. franchises and operates restaurants under the International House of Pancakes, or IHOP, and the Applebee's Neighborhood Grill & Bar brands. With more than 3,300 restaurants combined, IHOP Corp. is the largest full-service restaurant company in the world. Sphere: Related Content

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