Steak n Shake CEO ordering up cost cuts, but shares still sag
The Steak n Shake Co. has dropped plans to build 20 new restaurants, is cutting overhead expenses by about $20 million,
and closed 14 locations. The Indianapolis-based restaurant chain found $16 million in tax savings dating
back to 2006 and is working on a new, simple menu built around burgers, fries and milkshakes–all part of
a turnaround plan orchestrated by the chain’s new CEO, Sardar Biglari.