Applebee's and IHOP to close up to 160 restaurants

The parent company of Applebee's and IHOP plans to close as many as 160 locations of the two restaurant chains.

Dine Equity could shut down more than 100 Applebee's and 25 IHOP restaurants this year.

Both chains have been hit by a slowdown in the casual dining industry as customers shift to eateries with faster service.

The company did not yet specify which locations might close or how many employees could be affected.

There are currently about 12,000 Applebee's and 1,700 IHOP locations open worldwide.

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