Applebee's on the Block

It hires Citi and BofA to look for a buyer.
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Applebee's (APPB) hired Citigroup and Banc of America Securities to find a buyer for the casual dining chain.

The Overland Park, Kan., company said it formed a committee of independent directors to explore strategic alternatives including a possible sale. Applebee's said the committee hired Citi, while the company hired BofA.

Applebee's also withdrew 2007 guidance, saying strategic alternatives could affect it.