The International House of Pancakes (IHOP), a United States-based restaurant chain, reported Tuesday the increase of shares by $1.12 to $51.42 in afternoon trading, following previous rising by 6 percent.
The growth occurred after the company’s transaction to sell and lease back 187 company-owned real estate parcels.
The estimated proceeds of the deal are about $347 million that will be used to clear off the debt.
The company hopes that the deal will help it finally refranchise 475 Applebee's company-owned restaurants over the next three years.
IHOP Corp. has more than 1,353 restaurants in 49 states, the U.S. Virgin Islands, Canada and Mexico. Most of these locations are franchises; some are corporate-owned and some are operated under area licenses.
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