Steak n Shake reopening dining rooms, but it hasn t stopped the decline in revenue expressnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from expressnews.com Daily Mail and Mail on Sunday newspapers.
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Changes at Steak n Shake result in short-term pain for chain owned by S.A s Biglari Holdings
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In a letter to shareholders released Saturday, Biglari Holdings Inc. Chairman and CEO Sardar Biglari, left, expressed confidence that Steak n Shake’s conversion to a “bona fide quick-service restaurant chain” will return it to profitability this year. The restaurant chain is San Antonio-based Biglari Holdings’ largest subsidiary.Staff file photoShow MoreShow Less
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Steak n Shake reported $344.3 million in revenue last year, a nearly 55 percent drop from 2018 when it posted $760.5 million in revenue. It generated $595 million in revenue in 2019. Steak n Shake has a location at San Antonio International Airport.Staff file photoShow MoreShow Less
By Alexander Gladstone and Aisha Al-Muslim Steak n Shake Inc. is preparing for a possible financial restructuring and has hired an advisory firm to evaluate options as the Covid-19 pandemic continues to hit the casual-dining sector hard, according to people familiar with the matter. The Indianapolis-based burger-and-milkshake chain hired FTI Consulting Inc. to advise on a restructuring strategy, the people said. Steak n Shake, owned by entrepreneur Sardar Biglari s eponymous holding company, has struggled with restrictions on indoor dining and has a $153 million loan coming due in March, they said. Steak n Shake, Biglari Holdings Inc., and FTI didn t immediately respond to requests for comment. Biglari Holdings said in a November securities filing that Steak n Shake may not be able to refinance its loan before the March maturity.