Get your checkbook ready if you’ve always wanted to own an Applebee’s. In late November, IHOP Corp. completed its acquisition of Applebee’s, borrowing a total of $2.039 billion to come up with the cash to close the deal. Now IHOP chairman/c.e.o. Julia Stewart plans to repay that debt by selling franchise rights to 475 of Applebee’s 510 company-owned stores (the remainder of the chain’s 1,955 stores were already franchised) and also selling much of the real estate on which those stores sit. ...
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