“Where shit on the wall meets shit on the plate.”
Casual Dining - The International House of Pancakes recently bought the casual dining chain, Applebees for $2.2 Billion. That might be the scent of success or two mediocre chains coming together. As reported by the Wall Street Journal:
The deal, which was approved by both companies, will give Applebee’s holders $25.50 for each of their company shares, a 4.6% premium to where Applebee’s shares traded Friday on the Nasdaq Stock Market, but below the company’s 52-week high of $29.10.
This is a big move for IHOP considering their market capitalization is half of Applebees. IHOP will have to take on serious debt to turn this into profit. Of course with IHOP serving breakfast all day, Applebees might offer a refreshing change for lunch and dinner. Because if you’re still on the whole band wagon of eating breakfast at lunch time, it might be time for you to stop making friends at the local high school.
Breakfast is: lame.