After a long day of work, Squidward begins to contemplate the surroundings of the Krusty Krab, only to find that he thinks is disgusting, and that it has no rug. He then continues his raving by claiming if he started a restaurant, due to his gourmet cooking, that people will be waiting for years just to have a taste of his delicacies. Mr. Krabs laughs at this statement and SpongeBob and Squidward depart from the Krusty Krab. Squidward continues his boasting and claims that with his cooking abilities, he can even make the Chum Bucket a success and make people come dine there.
Plankton overhears this statement and rushes out of the Chum Bucket. While his first attempt to capture their attention, but to no avail, he hooks on to Squidward's skin near his scalp. Squidward pries Plankton off and listens to his offer, and when Mr. Krabs passes by and flat-out says that he doesn't value him, Squidward accepts and enters the Chum Bucket. Though Squidward immediately jumps to decorating the Chum Bucket, Plankton reminds him that he hired Squidward to cook. Squidward pours a batch of chum into a large container. He claims that he can make even chum edible with his Grandma Tentacles' secret recipe, yet it will take exactly 24 hours to cook. After 24 hours, Squidward places a plate of the chum on a plate for Plankton. Plankton is not amused at first, for the chum looked the same yet the smell did not make him retch. After tasting it, he claims he loves it.
The chum leads to the opening of a new restaurant using Squidward as the chef and the same structure of the Chum Bucket. The restaurant is called Le Chum Bucket and the chum is called "Chum Fricassee" prepared only by Squidward. Squidward becomes a big hit while the Krusty Krab appears to have no customers. At first what looks like a customer at the Krusty Krab is later revealed to be a customer from the Le Chum Bucket. He was at the Krusty Krab because the Le Chum Bucket was full of customers. SpongeBob and Mr. Krabs sneak into the Le Chum Bucket as fancy customers, for they assume only fancy people dine there which it is in fact displayed earlier in the episode. Once they gain entry, Mr. Krabs warns SpongeBob that these are classier people and do not raise their voice as SpongeBob does. When they approach the reservation desk with Karen as the reservation seeker, Mr. Krabs makes up a fake alias to gain entry as Mr. Crumbled Wrapper. Karen does not see a reservation for a Mr. Crumbled Wrapper, yet she does offer a reservation and seat within 2 years, which angers Mr. Krabs. Squidward enters the scene and reveals SpongeBob and Mr. Krabs' true identities. He takes them to the bathroom, where he places a table cloth on the rim, making the entire restaurant laugh.
SpongeBob and Mr. Krabs are left on the side of the street, sobbing, only for a fish who ordered take-out chum and gave it to Mr. Krabs and SpongeBob. SpongeBob takes a bite, seeing it is so good, he forgets what a Krabby Patty is when he is asked if it tastes better than a Krabby Patty. Mr. Krabs takes a bite and decides that they are doomed, for he claims it is delicious. In Le Chum Bucket, Squidward is signing autographs and asks Plankton where the Chum Fricassee is. Plankton reminds him that the chum needs to be cooked for 24 hours and the clock on the cooker says that it is about 23 hours yet. Squidward claims he does not care and demands Plankton to serve it to the customers anyway.
Grandma Tentacles enters the restaurant, enraged when she hears someone has been using her recipe wrongly. She uses her walker to smash Squidward's foot several times only for him to lie and say that Plankton came up with the idea to serve the food incorrectly. Plankton does not accept the lie and pins it back on Squidward reminding him how he told Plankton to serve the food even if it is not cooked at exactly 24 hours. Squidward admits, still not seeing the big deal. Grandma Tentacles, after smashing Squidward's foot again, claims that if the chum is under-cooked, it can cause severe stomach-related problems. This enrages the customers, for they ate under-cooked food unknowingly, and after damaging much property, end up burning down Le Chum Bucket. Grandma Tentacles smashes Squidward's foot again with her walker, leaving Plankton and Squidward in tears, sobbing. The episode ends with SpongeBob and Mr. Krabs admiring their new doormat, Squidward.
This is the fourth time Squidward quits working at the Krusty Krab. The first was in "Bossy Boots," the second was in "Can You Spare a Dime?," and the third was in "Krusty Towers" (even though it was a hotel, it still counts as the Krusty Krab).
This is the first time Plankton is shown to eat chum.
Squidward acts out of character in this episode; he tells Plankton to serve the chum when it hadn't been cooked long enough. In other instances, he would never tolerate cutting corners, let alone doing so himself.
Some people consider Squidward a villain in this episode for nearly bankrupting the Krusty Krab. Though this can count as karmic punishment for all the times, Mr. Krabs put his workers in bad situations.
This is yet another time that Mr. Krabs violates workers rights laws (by using Squidward as a doormat).
Running Gag: Grandma Tentacles keeps smashing Squidward's foot with her walker.