This adored burger chain closes 13 more locations
The House of Combo Burger and Milkshake is on a descending spiral.
If you wonder whySteak 'n shakes Disappeared from your neighborhood, here's why the Indianapolis-based string has been on a closing shit. The popular Burger Cound had 610 national restaurants at the beginning of the year, but sales suffered from the current Covid-19 pandemic. Steak 'n shakespermanently closed nearly 70 locations From June and recentTitle deposits unveiled that13 locations closedSince the summer.
Steak 'N Shake currently operates more than 500 locations, according toRestaurant Business. Half of these stores belong to the parent company Biglari Holdings, while the other half is exploited by franchisees and "franchise partners". Divided on 28 states, the chain is a hybrid of a casual dining restaurant and a fast driving operation through the best known for juicy hamburgers and hand milkshakes. (In touch:9 restaurant chains that have closed hundreds of locations this summer.)
But the struggles of Steak 'N Shake's have long pre-prepared the pandemic, with a thrust to rebroader as a fast service chain announced in 2018. Biglari Holdingsclosed more than 100 locations In 2019, while he changed in a counter-bassumatic service model thatCarate to customers on GO waiting and elimination staff - a strategic gesture that customer service had been a pain point for the company for years.The channel stated that its plan hit a roadblock this year as a result of funding issues. "The funds needed for the transition are limited as part of its current debt agreement," said its recent deposits.
It seems that the chain can run short of options to transform things against the pandemic, which could finallyinvites a bankruptcy deposit. "Absent resolution with lenders, Steak 'n Shake may need to search for refinancing options, which may not be available," added the company.
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