(FORTUNE Small Business) – 1969 Howard Johnson opens the first Ground Round in Norridge, Ill. The pub-style menu has just 12 items.

1975 The chain grows to about 60 restaurants. Diners get free popcorn and peanuts.

1976 Ground Round begins to franchise, starting with a location in Lynchburg, Va.

1989 Company is bought by GR Foods, based in Woodbridge, N.J.

1991 Ground Round goes public on the Amex at $5.75 a share.

1993 With a largely unchanged menu of fried food, the restaurants start losing business to fast-growing chains such as Applebee's, Chili's, and Ruby Tuesday.

1997 When shares fall below $2, Boston Ventures buys Ground Round for $16.7 million and takes it private. he fifth CEO in 11 years takes over.

2000 With sales still flagging, the chain takes out a $40 million line of credit.

2001 Many franchisees splurge on renovations, but only two of the company-owned locations are fixed up. Boston Ventures starts selling stores to pay down debt.

February 2004 The sale of 19 stores is delayed, and the lender calls Ground Round's loan. Boston Ventures decides not to put any more money into the business and files for Chapter 11.

March 2004 The franchisees interview some prospective buyers and decide to pool their resources and bid on the company themselves.

April 2004 A competing bidder offers $6.5 million; the franchisees offer $1 million. One newspaper account says, prematurely, that the higher bid wins.

June 2004 The franchisees up their offer to $4.85 million, plus forgiving some $40 million in legal claims they still held.

July 2004 A bankruptcy judge awards the company to the franchisees. -- C.A.