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Steak 'n Shake

Financing

A smaller Steak n Shake finds its footing

 By Jonathan Maze on Mar. 02, 2026

The burger chain has transformed its business model and started marketing to the MAGA crowd with a quality message. But it closed more stores, and the chain’s franchisees are apparently struggling.

Financing

Steak n Shake's owner wants to raise $500M in a stock sale

 By Jonathan Maze on Jan. 21, 2026

Biglari Holdings, whose stock has doubled over the past year, has filed to sell 11.5 million shares to provide the company with a “strategic reserve.”

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

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.

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