Moneywise lists two dozen restaurant chains that are still "hanging on," despite most of their outlets closing. I've never heard of some of them and the only ones there I've patronized in the last decade or two are Big Boy and Hometown Buffet.
I wonder which ones decreased in popularity due to not responding to changing tastes in the marketplace and which ones were mismanaged in other ways. I suspect in many cases, a new CEO and various cronies made out very well for themselves despite making all the wrong decisions.