Glendale, California--IHOP Corp. unveiled a new long-term strategy to rely on franchisees for the investment needed to open new outlets in its family restaurant chain. By replacing company-financed construction with the industry's traditional franchise development model, the company hopes to have additional cash to boost marketing efforts, increase share repurchases and spur growth. But for the short term, the owner of International House of Pancakes restaurants said the transition entails opening fewer new outlets in 2003 and receiving "lower financing-related fees" from franchisees. -Dow Jones Business News
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