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Applebee's Closing 24 Restaurants

Applebee's International Inc. (APPB) said on Wednesday that it is closing 24 of its 528 company-owned restaurants.

"These restaurant closures will have a positive impact on our future earnings, cash flow and return on invested capital," said Dave Goebel, president and chief executive officer, in a statement.

The company said that in the past, it has closed an average of one or two company-owned restaurants per year.