Restaurant Expected to Bring 70 New Jobs to the Local Economy
GLENDALE, Calif. and PANAMA CITY - Dec. 12, 2017 // PRNewswire // - DineEquity, Inc.® ("DineEquity"; NYSE:DIN), one of the world's largest full service restaurant companies and the parent company of Applebee's and IHOP® restaurants, has opened the first Applebee's® Grill + Bar on December 8 in Panama City, Panama it was announced today by Stephen Joyce, CEO and President, International, DineEquity Inc. The restaurant is the first of five locations planned for Panama within the next five years under an agreement with franchisee Collins Restaurant Group, Inc.
Located in Via Centenario, Altaplaza Mall, Local 2-417, Ciudad de Panamá, the restaurant is expected to bring 70 new jobs to the economy as well as additional tax revenue and ongoing local spending on supplies, ingredients and marketing and other services.
"We are delighted that we will now have both of our leading and iconic brands in Panama, particularly given the warm welcome and success we've seen with our IHOP brand in the past year," said Joyce. "This opening represents our continued strategy of bringing our brands to Latin America and we are pleased to expand our relationship with our franchisee Collins Restaurant Group, Inc., which was instrumental in bringing IHOP Fresh & Go to Panama. At Applebee's we say 'there is always a reason to celebrate' and I can't think of a better reason than this."
"We are thrilled to bring the quintessential Applebee's American style menu and bar to our guests in Panama," said William Urrego, regional vice president of the Americas. "We are pleased that our restaurants will not only be part of the neighborhood but part of the local economy on an ongoing basis. For both our brands, we try to source locally if possible. We're confident that with the Collins Restaurant Group, Applebee's will bring its heritage of 'There's Always a Reason to Celebrate' to this location and others to come."
"We have been fans of Applebee's unmatched lunch and dinner entrees for years," said John Collins, president of Collins Restaurant Group, Inc. "We've always felt that the unique Applebee's experience and food would be a great match for Panama and we are delighted and excited to bring it here. We've had such a great experience with DineEquity through IHOP Fresh & Go that we knew we wanted to be the ones to bring their other great brand to Panama."
The Applebee's restaurant will be the latest "Celebration" model which is their international design. DineEquity through its subsidiaries franchises two top brands that are leaders in their categories - Applebee's Grill + Bar is a leader in the casual dining category and IHOP restaurants is a leader in the family dining category. The last two years have seen record growth internationally for DineEquity's brands both in terms of new restaurants in existing markets as well as the addition of new countries and territories including Thailand, India, and Lebanon.
The restaurant will seat approximately 199 guests and will be open Sunday thru Thursday from 11:00 am to 11:00 pm and on Friday and Saturday 11:00 am to 1:00 am.
Based in Glendale, California, DineEquity, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under the Applebee's Neighborhood Grill + Bar brand and the IHOP brand. With more than 3,700 restaurants combined in 18 countries and U.S. territories and over 400 franchisees, DineEquity is one of the largest full-service restaurant companies in the world. For more information on DineEquity, visit the Company's Web site located at www.dineequity.com.
Applebee's Neighborhood Grill + Bar offers a lively casual dining experience combining simple, craveable American fare, classic drinks and local drafts. All Applebee's restaurants are owned and operated by entrepreneurs dedicated to serving their communities and offering quality food and drinks with genuine, neighborly service. Applebee's is one of the world's largest casual dining brands; as of September 30, 2017, there are nearly 2,000 Applebee's franchise restaurants in all 50 states, Puerto Rico, Guam, Canada and 15 other countries. Applebee's is franchised by subsidiaries of DineEquity, Inc. [NYSE: DIN], which is one of the world's largest full-service restaurant companies.
Statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words such as "may," "will," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: the effect of general economic conditions; the Company's indebtedness; risk of future impairment charges; trading volatility and the price of the Company's common stock; the Company's results in any given period differing from guidance provided to the public; the highly competitive nature of the restaurant business; the Company's business strategy failing to achieve anticipated results; risks associated with the restaurant industry; risks associated with locations of current and future restaurants; rising costs for food commodities and utilities; shortages or interruptions in the supply or delivery of food; ineffective marketing and guest relationship initiatives and use of social media; changing health or dietary preferences; our engagement in business in foreign markets; harm to our brands' reputation; litigation; third-party claims with respect to intellectual property assets; environmental liability; liability relating to employees; failure to comply with applicable laws and regulations; failure to effectively implement restaurant development plans; our dependence upon our franchisees; concentration of Applebee's franchised restaurants in a limited number of franchisees; credit risk from IHOP franchisees operating under our previous business model; termination or non-renewal of franchise agreements; franchisees breaching their franchise agreements; insolvency proceedings involving franchisees; changes in the number and quality of franchisees; inability of franchisees to fund capital expenditures; heavy dependence on information technology; the occurrence of cyber incidents or a deficiency in our cybersecurity; failure to execute on a business continuity plan; inability to attract and retain talented employees; risks associated with retail brand initiatives; failure of our internal controls; and other factors discussed from time to time in the Company's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Company's other filings with the Securities and Exchange Commission. The forward-looking statements contained in this release are made as of the date hereof and the Company assumes no obligation to update or supplement any forward-looking statements.
SOURCE DineEquity, Inc.