The Life of a Sandwich
Schlotzsky's from sandwich to bankruptcy
1971: Don and Delores Dissman open first Schlotzsky's sandwich shop, 1301 S. Congress. The $2.95 Original an 8-inch muffuletta stuffed with three meats, cheeses, lettuce, tomato, olives, and dressing on a sourdough bun is an instant hit.
1981: John and Jeff Wooley and Gary Bradley pay less than $3 million for Schlotzsky's, then with 100 franchise stores and $18 million in sales.
1988: Schlotzsky's crosses border into Canada with first store outside the U.S.
1994: Company begins assuming credit risk on franchise restaurants, eventually driving up debt.
1995: Schlotzsky's goes public on Dec. 15, trading as BUNZ on Nasdaq stock market.
1999: Company makes $28 million buyout of area developer rights, increasing its financial vulnerability. Breaks $400 million sales mark the same year.
2001: Local musicians tapped for new national ad campaign.
2002: Former Gov. Ann Richards announces that Schlotzsky's will underwrite the new season of Austin City Limits.
2003: Company posts record $11.7 million loss. Shareholders vote against major shareholder's proposal to begin positioning company for sale.
2004, June 17: Board of directors fires Wooley brothers from day-to-day management, names Sam Coats as new CEO.
2004, July: Wooleys resign from board after filing lawsuit against company seeking to recover $2.5 million loan; new management axes 20% of corporate staff and shutters 11 company-owned stores.
2004, Aug. 3: Schlotzsky's files for Chapter 11 protection in U.S. Bankruptcy Court.