#22: Carrols
Carrols was a popular hamburger restaurant chain in the 1960s, but the writing was on the wall when Burger King came to town. So, instead, Carrols turned into Burger King franchise locations. Then, they grew into a franchisee company that owns over 1,000 Burger Kings and has some Popeyes restaurants as well.
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Carrols is worth over a billion dollars, so this is not a failure story but a change in business strategy. I kind of want to try Carrolls. Some restaurants did stay in other countries, like Finland, but as of 2012, they appear to have disappeared.