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Dine Brands Global to consider sale of family dining restaurant chain IHOP at shareholder meetingDine Brands Global to consider sale of family dining restaurant chain IHOP at shareholder meeting

The board of directors recommends against the proposal

Bret Thorn, Senior Food Editor

April 2, 2020

1 Min Read
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A shareholder of Dine Brands Global, the parent company of IHOP and Applebee’s Neighborhood Bar & Grill, has proposed that the company sell IHOP, according to documents filed with the Securities & Exchange Commission on Wednesday.

The stockholder proposal requests that the board of directors of the company, based in Glendale, Calif., “engage an investment banking firm to effectuate a spin-off of the Corporation’s IHOP business unit, if properly invested.”

The proposal is scheduled to be voted on during the company’s annual meeting on May 12, which may be held using remote communications, according to a letter to stockholders by board of directors chair Richard Dahl and CEO Stephen Joyce.

In the company’s proxy statement, the board recommended against the proposal.

IHOP has been outperforming sister brand Applebee’s. Family-dining IHOP saw a 1.1% increase in same-store sales for the most recent quarter — its eight quarter of growth — while casual dining Applebee’s saw comps continue to decline, by 2.5% for the quarter, which ended Dec. 31, 2019.

Share prices for Dine Brands’ stock have fallen precipitously with the onset of the COVID-19 pandemic, as have shares in other full-service restaurants, having dropped from $90.18 per share on March 4 to $21 when the market closed on April 2.

Related:Dine Brands: Applebee’s to return to restaurant unit growth

Only stockholders of record at close of business on March 18, 2020 are eligible to vote.

Contact Bret Thorn at [email protected] 

Follow him on Twitter: @foodwriterdiary

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About the Author

Bret Thorn

Senior Food Editor, Nation's Restaurant News

Senior Food & Beverage Editor

Bret Thorn is senior food & beverage editor for Nation’s Restaurant News and Restaurant Hospitality for Informa’s Restaurants and Food Group, with responsibility for spotting and reporting on food and beverage trends across the country for both publications as well as guiding overall F&B coverage. 

He is the host of a podcast, In the Kitchen with Bret Thorn, which features interviews with chefs, food & beverage authorities and other experts in foodservice operations.

From 2005 to 2008 he also wrote the Kitchen Dish column for The New York Sun, covering restaurant openings and chefs’ career moves in New York City.

He joined Nation’s Restaurant News in 1999 after spending about five years in Thailand, where he wrote articles about business, banking and finance as well as restaurant reviews and food columns for Manager magazine and Asia Times newspaper. He joined Restaurant Hospitality’s staff in 2016 while retaining his position at NRN. 

A magna cum laude graduate of Tufts University in Medford, Mass., with a bachelor’s degree in history, and a member of Phi Beta Kappa, Thorn also studied traditional French cooking at Le Cordon Bleu Ecole de Cuisine in Paris. He spent his junior year of college in China, studying Chinese language, history and culture for a semester each at Nanjing University and Beijing University. While in Beijing, he also worked for ABC News during the protests and ultimate crackdown in and around Tiananmen Square in 1989.

Thorn’s monthly column in Nation’s Restaurant News won the 2006 Jesse H. Neal National Business Journalism Award for best staff-written editorial or opinion column.

He served as president of the International Foodservice Editorial Council, or IFEC, in 2005.

Thorn wrote the entry on comfort food in the Oxford Encyclopedia of Food and Drink in America, 2nd edition, published in 2012. He also wrote a history of plated desserts for the Oxford Companion to Sugar and Sweets, published in 2015.

He was inducted into the Disciples d’Escoffier in 2014.

A Colorado native originally from Denver, Thorn lives in Brooklyn, N.Y.

Bret Thorn’s areas of expertise include food and beverage trends in restaurants, French cuisine, the cuisines of Asia in general and Thailand in particular, restaurant operations and service trends. 

Bret Thorn’s Experience: 

Nation’s Restaurant News, food & beverage editor, 1999-Present
New York Sun, columnist, 2005-2008 
Asia Times, sub editor, 1995-1997
Manager magazine, senior editor and restaurant critic, 1992-1997
ABC News, runner, May-July, 1989

Education:
Tufts University, BA in history, 1990
Peking University, studied Chinese language, spring, 1989
Nanjing University, studied Chinese language and culture, fall, 1988 
Le Cordon Bleu Ecole de Cuisine, Cértificat Elémentaire, 1986

Email: [email protected]

Social Media:
LinkedIn: https://www.linkedin.com/in/bret-thorn-468b663/
Facebook: https://www.facebook.com/bret.thorn.52
Twitter: @foodwriterdiary
Instagram: @foodwriterdiary

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