IHOP and Applebee's are closing up to 160 locations this year, parent company DineEquity announced Thursday.

USA Today reports Applebee's will close 105 to 135 Applebee's restaurants before the end of 2017. The company previously said it only expected 40 to 60 locations to close.

Meanwhile, IHOP -- also known as the International House of Pancakes -- will shutter 20 to 25 sites, up from 18 originally planned.

CBS reports DineEquity, which also announced Steve Joyce as its new CEO Thursday, is seeking to cut costs. DineEquity shares lost almost half their value this year, closing at $38.81 on Thursday.

"We are investing in the empowerment of our brands by improving overall franchisee financial health, closing underperforming restaurants and enhancing the supply chain," interim CEO Richard Dahl said in a statement. "We believe 2017 will be a transitional year for Applebee's, and we are making the necessary investments for overall long-term brand health and expect to see improvement over the next year."

The company has not yet said which locations will close, but NBC reports they'll be based on franchisee profitability, operational results and brand quality standards.

Applebee's currently has more than 40 restaurants across Upstate New York, including locations in Liverpool, DeWitt, North Syracuse and Camillus.

IHOP closed its last Syracuse-area location at Destiny USA in 2016. The pancake chain still has Upstate NY restaurants in Rochester, New Hartford, Albany and the Buffalo area.

USA Today reports DineEquity still sees a chance for growth overseas, with plans to open 125 Applebee's and IHOP restaurants globally in new locations.

According to CBS, the changes come as the latest American Customer Satisfaction Index report found fast-food restaurants are scoring higher than full-service rivals. Eateries like Applebee's slipped 3.7 percent to a score of 78 out of 100, while fast food chains remained at 79 points in the survey of over 5,500 consumers between June 2016 and May 2017.

The ACSI report suggested millenials have been spending less money on eating out, preferring fast-casual chains like Panera or cooking at home.