As the company readies to announce fiscal fourth quarter financial results this Thursday, investors are exasperated. The company has reported eight straight quarters of declining same-store sales. CEO Peter Dunn stepped down in August, and 76-year-old Chairman Alan Gilman took over. The board then tapped Merrill Lynch to help it review strategy.
Now a Texas investment group that owns more than 5 percent of the stock, Lion Fund, plans to plaster Steak n Shakeâ??s hometown of Indianapolis with billboards calling on shareholders to elect two of its principals to the board.
Does the chain has a future as an independent company?