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Why are steak and shakes going out of business?
Some of the sales decline can be attributed to Steak n Shake closing stores because of COVID-19 and plans to refranchise them. Last year, Biglari Holdings stepped in and paid off Steak n Shake’s $152.5 million of debt, which led to a decline in the parent company’s total investments to about $600 million.
Is Steak n Shake losing money?
Steak ‘n Shake has been on a shrinking streak since 2018. In fact, earlier this year it was reported that it lost about 12% of its 550 nationwide locations.
Why are Steak n Shake closing in St Louis?
ST. LOUIS–Roughly three years after many Steak n’ Shake restaurants in the St. Louis region began closing, first as the company sought better franchise partners, then as a consequence of the coronavirus pandemic, some locations have found their next chapter, while others are still sitting empty, awaiting opportunity.