DineEquity Inc. (DIN) said it has reached three preliminary deals to refranchise a combined 86 company-owned Applebee's restaurants, continuing its effort to move to a franchisee operating model.
Since IHOP bought Applebee's in 2007 to form DineEquity, the company has been selling company-owned Applebee's restaurants to help pay down debt. As of June 30, it had total debt of about $2.2 billion.
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