Steak 'n Shake


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

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


Sardar Biglari takes a stake in Jack in the Box

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.

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.

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.

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.

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.

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

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

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

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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