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Unfortunately, the descending spiral is not over for the steak 'n shake. The popular burger and milkshake channel has disappeared from cities all over America while the pandemic has forced the company to make a location closing spree last year. And now, the latest reports on the chain are also serious: Steak 'N Shake hired financial advisors and can go to bankruptcy.

According toRestaurant BusinessThe channel is currently exploring its financial options, which include an off-ground restructuring or bankruptcy deposit. The parent company Biglari Holdings said it might not be able to refinance the loan of $ 153 million that may be due in March. (In touch:McDonald's makes these 8 major upgrades.)

Steak 'n shake had 610 places to the nation at the beginning of 2020, but hadclosed more than 80 because of the pandemic. It currently operatesabout 500 locations, half of which belongs to Biglari and others by franchisees and franchise partners.

Divided on 28 states, the chain is a hybrid of a casual gastronomic restaurant and a fast driving operation, better known for juicy burgers and hand milkshakes. Despite its popularity, the channel has had financial problems for years: Shake's Shake's Shake's steak sales have been on the decline since 2016 and the pandemic does only accelerate this loss.

The chain tried to bounce back by moving from dinners to contravenerate a service and selling some of its closed locations. However, CFO Steven can reveal the company faces an uncertain future if these sales do not compete.

"Does the company fear the contribution of its advisers - that it will be obliged to closely close many of its restaurants, licensed many employees and losing franchise partners who depend on the upgrades of restaurants they exercise "Can say in aFiling of the court in August.

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