IHOP Pounces on Applebee's

IHOP Corp. is betting $2.1 billion that it's got the recipe to get Applebee's restaurants cooking again: Own less, franchise more.

The Glendale-based restaurant chain famous for its pancakes agreed Monday to acquire the much bigger Applebee's International Inc., whose casual restaurants cater to the lunch-and-dinner crowd.

Applebee's has been struggling with declining profit as many of its customers cut their spending to grapple with higher gasoline prices and mortgage payments, industry experts

More at the L.A. Times.

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