Neighborhood Restaurant Partners: 53-Unit Applebee's Franchisee Files Chapter 11 with Dine Brands Stalking Horse

Neighborhood Restaurant Partners, a 53-unit Applebee's franchisee operating across Alabama, Florida, and Georgia, filed chapter 11 petitions on March 24, 2026, in the U.S. Bankruptcy Court for the Northern District of Georgia. Three entities filed simultaneously: Neighborhood Restaurant Partners Florida, LLC (Case No. 26-53946), Neighborhood Restaurant Partners Florida Two, LLC (Case No. 26-53948), and NRPF Group Two, LLC (Case No. 26-53945). The petition schedules report $1 million to $10 million in assets against $10 million to $50 million in liabilities. Dine Brands, the parent company of Applebee's, is expected to serve as the stalking-horse bidder and complete an acquisition by mid-May 2026.

Debtor(s)	Neighborhood Restaurant Partners Florida, LLC (3 jointly administered entities)
Court	U.S. Bankruptcy Court, Northern District of Georgia
Case Number	26-53946
Petition Date	March 24, 2026
Estimated Assets	$1 million -- $10 million
Estimated Liabilities	$10 million -- $50 million
Claims Agent	Not yet disclosed

Argonne Capital, NRP, and the Applebee's Portfolio

Neighborhood Restaurant Partners was created as a subsidiary of Argonne Capital Group, an Atlanta-based private investment firm founded in 2003. Argonne's restaurant portfolio includes Summit Restaurant Group, the largest IHOP franchisee in the country with 254 restaurants and a franchisee of 48 Applebee's locations in Atlanta and San Antonio. In May 2012, NRP acquired the assets and development rights of Casual Restaurant Concepts, which owned and operated 50 Applebee's restaurants in the Tampa and Orlando markets. The acquisition raised Argonne's combined Applebee's and IHOP holdings to 352 units at the time.

Argonne Capital and Summit Restaurant Group are not part of the chapter 11 filing. Only the three NRP entities that operate the 53 remaining Applebee's locations in Alabama, Florida, and Georgia are included in the bankruptcy cases.

According to the filing, NRP acquired its restaurants in 2012 and, after a period of growth, business declined. The company lost money in 2025 and closed nine restaurants to reduce losses. An additional five locations closed earlier in 2026, bringing the total closures to 14 from a peak of approximately 67 units.

Equity Bank Debt and Petition Schedules

NRP listed more than $13 million owed to Equity Bank, its primary lender. The petition schedules report estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. No DIP financing has been reported in connection with the filing.

Citizens Bank Sale Process and Prepetition Negotiations with Dine Brands

NRP hired Citizens Bank to market its assets, leases, and franchise agreement in 2025. After four to five months, no buyer emerged.

In February 2026, NRP reached a tentative agreement with Dine Brands under which the franchisor would take control of the business. The transaction did not close outside of bankruptcy. NRP filed chapter 11, and Dine Brands is expected to complete the acquisition as a stalking-horse bidder, with the deal expected to close by mid-May 2026.

Dine Brands' Franchisee Acquisitions and Stalking-Horse Role

Dine Brands Global, Inc. (NYSE: DIN) is the parent company of both Applebee's Neighborhood Grill + Bar and IHOP. The Applebee's system includes more than 1,600 domestic locations, nearly all of which were historically franchisee-operated. In late 2024, Dine Brands took control of 47 restaurants from two franchisees, with plans to remodel and refranchise the units. In a separate transaction, Dine Brands purchased 69 units from franchisee RMH Franchise Holdings to resolve a franchise dispute.

Dine Brands has separately been expanding its dual-branded Applebee's/IHOP concept and expects to have approximately 80 dual-branded locations open or under construction by year-end 2026.

Dine Brands is expected to serve as the stalking-horse bidder in the section 363 sale process, with the acquisition anticipated by mid-May 2026. Bid protections and other sale terms have not yet been disclosed on the public docket.

Louisiana Apple, RMH, and Applebee's System-Wide Sales Decline

NRP is one of several Applebee's franchisees to file chapter 11 in recent years. In 2024, Louisiana Apple, a 14-unit franchisee in Kentucky, Oklahoma, Indiana, and Arkansas, filed for bankruptcy after its primary lender, City National Bank of Florida, sued over approximately $8.3 million in defaulted debt. That case involved allegations that Dine Brands transferred restaurant leases to a new entity without the lender's consent. Earlier, in 2018, RMH Franchise Holdings moved 175 Applebee's locations into chapter 11, which Dine Brands ultimately resolved by purchasing the units.

Applebee's same-store sales declined for seven consecutive quarters through Q4 2024, including a 4.7% decline in the fourth quarter. Dine Brands expects to close five to 15 additional Applebee's locations in 2026 system-wide.

Key Timeline

Frequently Asked Questions

What caused Neighborhood Restaurant Partners to file for bankruptcy?

NRP reported operating losses in 2025 and closed 14 restaurants across 2025 and early 2026. A prepetition sale process run by Citizens Bank over four to five months failed to produce a buyer. NRP reached a tentative deal with Dine Brands in February 2026, but filed chapter 11 before the transaction could close outside of bankruptcy.

Is Dine Brands buying the NRP restaurants?

Dine Brands, the parent company of Applebee's, is expected to serve as the stalking-horse bidder in the chapter 11 case and complete an acquisition of NRP's operations by mid-May 2026. Dine Brands has separately taken direct control of 47 Applebee's from other franchisees and purchased 69 units from RMH Franchise Holdings.

Are Argonne Capital Group and Summit Restaurant Group part of the bankruptcy?

No. Only three NRP entities filed chapter 11 petitions. Argonne Capital Group, the Atlanta-based private investment firm that created NRP, and Summit Restaurant Group, the largest IHOP franchisee with 254 restaurants and an operator of 48 Applebee's, are not included in the filing.

How many Applebee's does NRP operate?

NRP operates 53 Applebee's locations in Alabama, Florida, and Georgia as of the petition date, down from approximately 67 after closing 14 restaurants in 2025 and early 2026.

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