The Indianapolis-based chain, which previously announced plans to convert from table service service, now says it will cut costs further through “advanced self-service”
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The fate of a Steak n Shake that has been a fixture in Nora for more than 40 years may rest on how much slack a local judge will give the Indianapolis-based company. But a court ruling against the company could clear the way for a new Crew Carwash.
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The Indianapolis-based company has declared itself debt-free, but the lenders say they’re owed more than $8.5 million.
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Crew recently bought the property that contains the steakburger chain’s location on East 86th Street with plans to build a new carwash. But it contends in a lawsuit that Steak n Shake has refused to leave.
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Indianapolis-based Steak n Shake has spent $50 million to eliminate table service at its restaurants in favor of self-service ordering—an investment the company says has allowed it to regain profitability after three straight years of losses.
Steak ‘n Shake Inc. is accusing the investment firm of misusing confidential business information in a scheme to take control of the restaurant chain’s assets.
Steak n Shake was preparing for a potential Chapter 11 filing earlier this month while the company negotiated with holders of the debt, Bloomberg had reported.
The struggling Indianapolis-based company lacks the cash to pay off a $153 million loan that comes due March 19. It also has been exploring out-of-court solutions.
FTI Consulting will work with the Indianapolis-based company as it explores a possible out-of-court restructuring of its debt and lease obligations or a bankruptcy filing, The Wall Street Journal reported.
The chain nearly broke even in the latest quarter it reported, no small feat after losing a combined $29 million in 2018 and 2019.
Steak n Shake revenue plummeted to $78.8 million in the third quarter, down from $141.3 million a year ago.
Biglari Holdings’ Sardar Biglari is pushing for reforms at Cracker Barrel Old Country Store even as Biglari restaurant Steak n Shake teeters.
The Indianapolis-based burger chain wants to reintroduce counter service in its dining rooms but claims an agent of its lenders is blocking its attempts to sell restaurants to raise money.
In an effort to drum up more business during the pandemic, Indianapolis-based Steak n Shake is rolling out a modern version of a restaurant service method that was all the rage in the 1950s.
With its restaurants limited to drive-thru, takeout or delivery for much of March because of the virus outbreak, the burger chain saw quarterly revenue plummet by $59 million.
Rating agencies, which already ranked Steak n Shake on the lowest rungs of their creditworthiness ladders, further sounded the alarm bells in recent weeks after Steak n Shake paid off some of its debt at a discount—something a lender never would agree to if it thought it was going to be paid in full.
Sardar Biglari, CEO of Steak n Shake parent Biglari Holdings Inc., said in his annual report to shareholders that the chain’s performance went from “bad to worse” in 2019.
Indianapolis-based Steak n Shake drastically slowed the pace of “temporary” restaurant closures in the third quarter, but showed little progress in its plan to turn company-owned eateries into franchises.
Steak n Shake classified 103 of this year’s closures as “temporary,” and said it plans to reopen the stores under its new franchise partnership program.
Indianapolis-based Steak n Shake Inc. is facing more setbacks in its already-suffering financial situation due to a new legal settlement regarding overtime pay and a downgrade in its credit rating.
Steak n Shake is already on the hook for $7.7 million judgment after a jury found the burger chain improperly failed to pay overtime to 286 restaurant managers. Meanwhile, plaintiffs in an even larger second lawsuit are taking aim at CEO Sardar Biglari.
The outlook is that bad for Steak n Shake, which in the first quarter racked up an $18.9 million operating loss. That’s on top of a $10.7 million loss for all of 2018.
The new model fits right in with Steak n Shake’s growing strategy to escape its roots as a sit-down diner and become more of a chain known for fast food.
Steak n Shake has closed dozens of company-owned restaurants since the beginning of the year, but says those closures are temporary while it looks for franchisees to take over their operations.
