Take a tour of Marshfield’s new Applebee’s and IHOP restaurants
The Marshfield News-Herald took a peek inside the new Applebee’s and IHOP double-brand restaurant in Marshfield. Let’s take a look inside.
An Atlanta-based Applebee’s franchisee that operates more than 50 stores has filed for bankruptcy and closed 10 stores in Florida and Georgia.
The closure comes after Applebee’s franchisee Neighborhood Restaurant Partners Florida filed for Chapter 11 bankruptcy protection on March 24. Documents filed in U.S. Bankruptcy Court for the Northern District of Georgia show the company has debts of between $10 million and $50 million.
The franchisee acquired 50 Applebee’s restaurants in May 2012 and acquired 15 more restaurants from another franchisee four months later, according to court documents reviewed by USA TODAY. The franchisee enjoyed great success from 2013 to 2015, but sales began to decline in late 2015.
“The company has since experienced a period of ups and downs, battling various unsuccessful strategies and promotions, the COVID-19 pandemic, and the inflationary pressures currently impacting the entire restaurant industry,” Neighborhood Restaurant Partners Florida said in a statement.
In addition to financial difficulties, the franchisee said operating expenses have increased due to inflation.
Neighborhood Restaurant Partners Florida will close nine restaurants in 2025 and five restaurants in the first quarter of 2026, reducing the number of restaurants to 53, subject to a bankruptcy sale scheduled for mid-May. Applebee’s is leading a bankruptcy sale to its franchisees, according to court documents.
At least 10 of the stores that have already closed are in Florida and Georgia, according to court documents. Rob Williamson, an attorney representing the franchisees, said on April 3 that the company “intends to utilize the Chapter 11 process to facilitate the going concern sale of all of its current restaurants, and no additional closings are planned.”
Most of Florida’s closures, according to court documents
Court documents reviewed by USA TODAY on April 3 revealed that of the more than 1,500 Applebee’s stores worldwide, Neighborhood Restaurant Partners Florida operated 53 of them at the end of March.
Closing dates are unknown, but some restaurants deemed “unprofitable” have already closed, the company said.
The franchisor said in a statement that there are 10 restaurants it plans to reject the contract.
These locations no longer appear on the franchisee’s locations website.
florida
- Casselberry – 3315 US Highway 17-19
- Celebration – 6290 W. Arlo Bronson Memorial Highway
- Daytona Beach – 1700 W. International Airport Speedway Blvd., Unit 600
- Kissimmee – 14990 E. Orange Lake Blvd.
- Orlando – 11036 International Drive
- Orlando – 2503 S. Kirkman Road
- Ormond Beach – 150 Williamson Blvd.
- Panama City – 678 West 23rd St.
- Panama City Beach – 10071 Hutchison Blvd.
georgia
- Albany – 637 Westover Blvd.
Applebee’s brand ‘remains strong,’ CEO says
Neighborhood Restaurant Partners Florida said in court documents that the company tried to find an investor to sell the stores. Company executives worked with banking firm Citizens Bank to oversee the sale process, which lasted four to five months and failed.
The franchisee said it contacted more than 83 groups and initially 17 groups expressed interest, but no buyers were found.
The franchisee has reached a tentative agreement with Applebee’s and its parent company, Dine Brands. Under the agreement, Applebee’s will act as a stalking horse bidder, a term used to describe an entity that sets a minimum sale price for assets in a bankruptcy sale, according to the Washington, D.C., law firm Jones Day.
Applebee’s can participate in a bankruptcy sale if company executives wish. Neighborhood Restaurant Partners of Florida said in court documents that the sale should occur in mid-May of this year.
“The Applebee’s brand remains strong,” John Payton, CEO of Dine Brands and president of Applebee’s, said in a statement to USA TODAY on April 3.
“Acting as a competitive bidder gives us the opportunity to be strategic and selective in supporting the long-term health of the system, and this portfolio of restaurants has historically had strong performance,” Payton said in a statement. “We continue to work the same way we always have, with a focus on stability, growth and doing what’s right for our guests, team members and franchise partners.”
Saleen Martin is a reporter on USA TODAY’s Trends team. She is from Norfolk, Virginia – 757. Please send your email to: sdmartin@usatoday.com.
