Steak n Shake

UPDATE: Steak n Shake turning away from core business

December 22, 2009
Cory Schouten
The Steak n Shake Co. is taking a dramatic turn away from its core business with a bid to purchase a Michigan insurer in a deal valued at almost $37 million.
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BREAKING: Steak n Shake offers to acquire Michigan insurer

December 22, 2009
Cory Schouten
The Steak n Shake Co. has offered to acquire all of the outstanding shares of Fremont Michigan Insuracorp Inc. in a deal that could be worth almost $37 million.
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UPDATE: Steak n Shake plan makes 'perfect sense' to investment pro

December 15, 2009
Scott Olson, Cory Schouten
The Steak n Shake Co.’s unusual plan to initiate a reverse stock split has the support of at least one local investment adviser, if in fact the company’s CEO is attempting to model it after Warren Buffett’s holding company, Berkshire Hathaway.
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Steak n Shake plans 20-1 reverse stock split

December 15, 2009
Cory Schouten
The Steak n Shake Co., in an unusual gambit, plans to initiate a reverse stock split that would reduce its number of shares outstanding from almost 29 million to just 1.4 million and boost its per-share price from roughly $12 to $240.
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Biglari was persistent in pressing Western Sizzlin deal

November 23, 2009
Greg Andrews
Steak n Shake CEO Sardar Biglari proposed buying Western Sizzlin in January and again in May and advocated the unusual structure of the $39 million transaction.
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Steak n Shake's Biglari adds intrigue by buying stake in insurer

October 31, 2009
Greg Andrews
The Indianapolis-based company's CEO revealed earlier this year that he intends to use Steak n Shake as a holding company that will pursue purchases “either related or unrelated to its ongoing business activities.”
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Steak n Shake nearer to merger with steak chain

October 23, 2009
Under terms of the deal, Steak n Shake will pay Western Sizzlin shareholders $22.9 million and Western will pay its shareholders a $15.9 million stock dividend, making the total deal worth about $38.8 million.
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Steak n Shake chief snaps up more shares

August 27, 2009
Cory Schouten
Steak n Shake Co. CEO Sardar Biglari revealed in regulatory filings this week that he spent $1.1 million buying shares in the locally based burger chain, an apparent vote of confidence in his own turnaround plans.
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Biglari consolidates power, as Steak n Shake reboundsRestricted Content

August 24, 2009
Greg Andrews
The Texas investor running the chain doesn't seem like such a champion of transparency these days.

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Deal returns Steak n Shake to steakhouse biz

August 13, 2009
Greg Andrews
The Steak n Shake Co.’s announcement this morning that it plans to purchase Western Sizzlin Corp. for about $23 million puts the Indianapolis restaurant company back in the steakhouse business for the first time since exiting it nearly a decade ago.
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Steak n Shake acquiring Western Sizzlin

August 13, 2009
Cory Schouten
The Steak n Shake Co. said it plans to acquire the Western Sizzlin restaurant chain in a deal valued at $23 million.
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Steak n Shake posts profit, rise in customer traffic

August 11, 2009
Scott Olson
Steak n Shake Co. late yesterday reported strong profit and big increases in customer traffic and same-store sales for its fiscal third quarter, which ended July 1.
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Steak n Shake sales, traffic rise

July 8, 2009
 IBJ Staff
Steak n Shake Co. yesterday reported big increases in customer traffic and same-store sales for its fiscal third quarter, which ended July 1. Customer traffic rose 13.4 percent and same-store sales jumped 5 percent in the quarter compared to the same period a year ago, it said in a brief Securities and Exchange filing.
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Steak n Shake hoping to roll out lower-cost, limited-service storesRestricted Content

May 4, 2009
Cory Schouten
TV spots for Steak n Shake Co. used to play up the chain's full-service restaurants, complete with friendly servers, real plates and glass ketchup bottles—a departure from the "workaraunts" operated by McDonald's and Burger King. Now, Steak n Shake is developing plans for its own workaraunts.
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Steak n Shake nixes $4M contract with ad firm after less than 3 months

April 13, 2009
Anthony Schoettle
Less than three months after hiring a new advertising agency, Steak n Shake has jettisoned and is now suing Georgia-based The Varnson Group.
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Activist shakes up Steak n Shake after taking controlRestricted Content

December 29, 2008
Cory Schouten
After months of agitating for changes at The Steak n Shake Co., investor Sardar Biglari finally got a shot at putting his theories into action.
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Bold bets on Hoosier firms yield horrific results so farRestricted Content

December 8, 2008
Greg Andrews
The millions of dollars they plunked down to buy stock in local companies over the past two years have shriveled in value, leaving them way, way below break-even.
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Y&L ad firm making 'significant' staff cutsRestricted Content

December 1, 2008
Young & Laramore is making what it says are "significant" staff cuts in the wake of losing the Steak n Shake account.
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Steak n Shake seeks younger customersRestricted Content

November 17, 2008
Cory Schouten
Steak n Shake hopes to create buzz with its new marketing plan targeting youth.
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Steak n Shake CEO ordering up cost cuts, but shares still sagRestricted Content

October 27, 2008
Cory Schouten

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.


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Texas investor enlists former Steak n Shake exec in quest to revive chainRestricted Content

April 21, 2008
Cory Schouten
Two executives with longtime ties to The Steak n Shake Co. have joined a dissident Texas investor in his quest to overhaul the Indianapolis-based restaurant chain. Shareholders who have agreed to work with Sardar Biglari include a former board member the company once described as a "modern-day founder" of the restaurant chain, along with a former partner in Kelley & Partners Ltd., the investment firm led by company patriarch E.W. Kelley before his 2003 death.
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Staying earns Steak n Shake state, city rewardsRestricted Content

April 14, 2008
Cory Schouten
Local governments plan to throw Steak n Shake Co. a life raft of incentives worth about $275,000 to help the struggling chain keep its headquarters in Indianapolis. The company has quietly agreed to retain about 180 employees here in exchange for a $200,000 state training grant and a five-year personal property tax abatement worth about $75,000.
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Texas investor wins over Steak n Shake shareholders, aims for chairmanship

March 17, 2008
Cory Schouten
Texas investor Sardar Biglari rode a wave of shareholder anger to a landslide victory in his quest for Steak n Shake Co. board seats. Now, the dissident 30-year-old investor who models his approach after Warren Buffett's is hoping to deliver on his promise to turn around the Indianapolis-based chain, with or without the chairmanship he covets.
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Steak n Shake expects 'rebuilding year'Restricted Content

August 20, 2007
Cory Schouten
Steak n Shake Co. CEO Peter M. Dunn analyzed and measured just about everything at the restaurant chain, from drive-through times to employee turnover. All that research and testing was welcome when the company was thriving a few years ago. But the lack of evidence that all the analysis was paying off eroded Wall Street's confidence in Dunn.
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Steak n Shake trying out lighter menu optionsRestricted Content

February 5, 2007
Cory Schouten
But as more people seek out healthier food and become conscious of high fat and calorie counts in Steak n Shake's staples, some are staying away or not visiting as often. To fight back, the chain is working on a barrage of healthier menu options, including yogurt shakes, chicken sandwiches and new salads. Perhaps a variation on the slogan that started it all in Normal, Ill., in 1934 is in order: "In Sight It Must Be Light." The first leaner...
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  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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