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Steak 'n Shake

Financing

Sardar Biglari talks Cracker Barrel and compares himself, again, to Michelangelo

 By Jonathan Maze on Oct. 27, 2025

The Bottom Line: The activist investor, who almost never talks to the media, took shots against the family-dining chain with the New York Post. And he again made some strange comparisons.

Financing

Beef tallow and Bitcoin apparently helped Steak n Shake sales

 By Jonathan Maze on Aug. 11, 2025

The burger chain said the key metric rose 10.7% last quarter after the chain started using beef tallow with its fries. It also called Bitcoin a "game changer."

Financing

Shrinking Steak n Shake turns to beef tallow

By Jonathan Maze on Mar. 03, 2025

The Bottom Line: The burger chain has closed 200 locations since 2018 and each of its ownership formats closed a net number of restaurants in 2024. And it quietly overhauled management.

Food

Steak 'n Shake is now cooking its fries in beef tallow

By Patricia Cobe on Jan. 16, 2025

Taste and authenticity are reasons the burger chain gives for the change from vegetable oil, but there’s also growing backlash against the use of seed oils in frying.

Leadership

Cracker Barrel airs another plea to keep Sardar Biglari off the family-dining chain's board

By Peter Romeo on Nov. 04, 2024

Reality Check: A letter mailed to shareholders Monday repeats a detailed inventory of the investor's alleged faults as a business leader.

Topics

How the shift to counter service has changed Steak n Shake's profitability

By Jonathan Maze on Feb. 29, 2024

The Bottom Line: Sardar Biglari, chairman of the chain’s owner Biglari Holdings, details how the addition of kiosks and counter service has transformed restaurants.

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

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 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

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.

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