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Steak 'n Shake

Financing

Steak n Shake's sales and profit improve, but stores keep closing

 By Jonathan Maze on Aug. 07, 2023

While the brand has been selling stores to operating partners, traditional franchisees keep closing units. So does the company.

Financing

Sardar Biglari takes a stake in Jack in the Box

 By Jonathan Maze on Feb. 27, 2023

The chairman of Biglari Holdings, the owner of Steak n Shake, has acquired 5.5% of the shares in the fast-food chain operator. But the investment is passive, for now.

Financing

Steak n Shake closed another 30 restaurants last year

By Jonathan Maze on Feb. 27, 2023

The burger chain, which has shifted to a counter-service model with kiosks, turned a profit last year. But it did so from fewer locations as traditional franchisees closed restaurants.

Financing

Sardar Biglari buys another oil company

By Jonathan Maze on Sep. 28, 2022

The Bottom Line: Biglari Holdings, which owns Steak n Shake and other holdings, spent $80 million to acquire a majority of shares in Abraxas Petroleum Corp.

Leadership

Sardar Biglari makes more changes to his incentive agreement

By Jonathan Maze on Apr. 15, 2022

The Bottom Line: Biglari Holdings, the owner of Steak n Shake, defends a services agreement with its chairman’s investment fund and commits to making up prior investment losses.

Financing

Steak n Shake turns a profit and its CEO compares himself to Michelangelo

By Jonathan Maze on Feb. 28, 2022

The burger chain generated a profit for the first time in four years last year thanks to its move to counter service, eliciting Sardar Biglari’s comparison to the Italian sculptor.

Financing

The FTC fines Biglari Holdings $1.4M over ‘grossly negligent’ Cracker Barrel stock purchase

By Jonathan Maze on Jan. 04, 2022

It was the investor’s second such fine for violating antitrust laws related to the reporting of stock purchases by large existing shareholders.

Financing

At Steak n Shake, lower revenue and fewer stores but more profits

By Jonathan Maze on May 10, 2021

The burger chain, which avoided bankruptcy after its parent company repaid its debt, saw revenues decline while many stores remain closed.

Financing

Steak n Shake sues its insurance company

By Jonathan Maze on Apr. 16, 2021

The burger chain has sued Zurich America Insurance Company for denying coverage related to its pandemic.

Financing

Steak n Shake’s lender says the company still owes millions

By Jonathan Maze on Apr. 06, 2021

The administrative agent for the burger chain’s debt says it is owed $8.5 million in unpaid fees and interest. Meanwhile, Steak n Shake has dismissed its lawsuit against its lender.

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