Tuesday, May 12, 2020

Steak n Shake permanently closes 57 restaurants amid dismal first quarter

Indianapolis-based Steak n Shake, already struggling before the COVID-19 pandemic, closed 57 restaurants in the first quarter—a stretch when it posted a nearly $11 million operating loss.

With its restaurants limited to drive-thru, takeout or delivery nationwide for much of March because of the virus outbreak, the burger chain saw quarterly revenue plummet by $59 million, or 35%, compared with the year-ago period, parent Biglari Holdings Inc. reported late Friday.. . . more