Applebee's Franchisee Cuts Back Hiring Plans Over Obamacare Costs

If you raise the price of labor ...

An Applebee's New York area franchisee is the latest CEO to go public threatening drastic plans to avoid costs associated with the Affordable Care Act, otherwise known as Obamacare.

"We've calculated it will [cost] some millions of dollars across our system. So what does that say -- that says we won't build more restaurants. We won't hire more people," Zane Tankel, chairman and CEO of Apple-Metro, told Fox Business Network on Thursday.

Apple-Metro, which runs 40 Applebee's restaurants, employs from 80 to 300 people at each of its locations. Obamacare mandates that businesses with more than 50 workers must offer an approved insurance plan or pay a penalty of $2,000 for each full-time worker over 30 workers.