In its last month as an independent restaurant chain, Applebee’s sales decreased 2.3 percent compared to last November, the company reported Wednesday.
IHOP Corp. of Glendale is to buy Applebee’s for $2.1 billion, and it could complete the buyout as early as today.
News of Applebee’s sales slump sent IHOP’s stock down. From a price above $51.50 on Wednesday afternoon, it fell to $47.50 by early Thursday.