Denny’s plans to shutter 150 of its restaurants as the business aims to strengthen its funds flow.

Fifty lower performing restaurants will close by the complete of 2024, while the remaining 100 will shut down next year, executives announced in an profits call Tuesday.

Among the restaurants closing are older locations that are too ancient to remodel or are based in unprofitable locations, according to Denny’s Executive Vice President and Chief Global advancement Officer Stephen Dunn.

“Some of these restaurants can be very ancient. So when you ponder of a 70-year-ancient plus brand, you have a lot of restaurants that have been out there for a very long period,” Dunn told investors at the conference.

How many Denny’s restaurants are there?

There are currently 1,358 Denny’s locations in the U.S., with a heavy presence in California, Texas, Florida and Arizona.

More than 167 Denny’s restaurants are located outside the U.S., with more than half in Canada.

Denny’s has not clarified which 150 restaurants are slated for closure.

Denny’s shares down nearly 18%

Dunn said that the 150 closures will tidy the business’s restaurant holdings as it prepares for growth.

business shares dropped nearly 18% Tuesday when its quarterly profits missed analysts estimates. Its annual distribute is down 50% for the monetary year.

“It’s never straightforward to close restaurants. It’s a test, you work with external factors, landlords,” Dunn said. “And of course, you’re dealing with people’s lives, but we’ve realized that closing underperforming restaurants is strategically advantageous to a number of our franchisees as it strengthens the final profit funds flow for the long term.”