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History
Bill and T. J. Palmer founded Applebee’s in Atlanta in 1980. The Palmers envisioned a restaurant that would provide full quality service, consistently good food, and reasonable prices in a neighborhood setting.
In 1982, the Palmers opened their second Applebee’s in Atlanta, and in 1983, to fulfill a dream of nationwide expansion, the Palmers sold the Applebee’s concept to W. R. Grace and Co. As part of the transaction, Bill Palmer was named president of the Applebee’s Division of an indirect subsidiary of W. R. Grace. In that capacity, Palmer guided the operation from its entrepreneurial beginnings to a full-fledged franchise system. He became an Applebee’s franchisee in 1985 and today owns more than three dozen Applebee’s restaurants.
In 1988, Applebee’s International, Inc. became the restaurant chain’s franchisor when Kansas City franchisees Abe Gustin and John Hamra purchased the rights to the Applebee’s concept from W. R. Grace.
Applebee’s International, Inc. completed an initial public offering of its common stock in 1989 and is currently traded on the NASDAQ stock market, under the symbol APPB. When Applebee’s International, Inc. acquired Applebee’s in 1988, there were 54 restaurants. In 1998, Applebee’s became the first casual dining concept with 1,000 restaurants. In January 2003, Applebee’s celebrated the opening of its 1,500th restaurant by serving free lunches to firefighters and law enforcement officials across the country.
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