Steak n Shake – Indianapolis Business Journal

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Steak n Shake preps for self-service transformation

May 10, 2021

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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Inside the tussle between two of Indy’s retail icons

April 23, 2021

Greg Andrews

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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Biglari Holdings’ lawsuit says it was deceived during purchase of Texas oil company

November 24, 2025 | Cameron Shaw, The Indiana Lawyer

Biglari, owner of the Indianapolis-based Steak n Shake restaurant chain, alleges that the CEO fraudulently misrepresented Abraxas’ valued assets during negotiations to acquire the company.

Steak n Shake doubles down on support of RFK Jr., will start selling beef tallow to restaurant patrons

June 11, 2025 | Marisa Reinhard

In a social media post Wednesday, the company reiterated its support of Robert F. Kennedy Jr.’s “Make America Healthy Again” movement.

Steak n Shake looks for boost from beef tallow—and MAGA

March 14, 2025 | The Washington Post

Marketing researchers say Steak n Shake is the latest example of brands targeting increasingly polarized consumers across the country.

Steak n Shake rebounds with self-service push

March 17, 2023 |

Susan Orr

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’s lenders say restaurant chain still owes millions

April 12, 2021 |

Greg Andrews

The Indianapolis-based company has declared itself debt-free, but the lenders say they’re owed more than $8.5 million.

In Nora standoff, Crew Carwash battling Steak n Shake over corner property

March 23, 2021 |

Susan Orr

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.

Steak ‘n Shake sues lender Fortress after averting bankruptcy

February 25, 2021 | Bloomberg News

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 reportedly retires $153M in debt, averting possible bankruptcy

February 22, 2021 | Bloomberg News and IBJ Staff

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.

Report: Steak n Shake might file bankruptcy as early as next week

February 13, 2021 |

Greg Andrews

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.

Report: Steak n Shake hires adviser to help it navigate debt morass

January 21, 2021 |

Greg Andrews

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.

Steak n Shake in tight spot as key debt deadline looms

January 15, 2021 |

Greg Andrews

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 closes 13 more restaurants amid slowing customer traffic

November 9, 2020 | IBJ Staff

Steak n Shake revenue plummeted to $78.8 million in the third quarter, down from $141.3 million a year ago.

Steak n Shake eases bleeding but faces roadblock in comeback plan

August 10, 2020 |

Mason King

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.

Steak n Shake revives car-hop service at almost half its restaurants

August 5, 2020 |

Jeff Newman

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.

Steak n Shake permanently closes 57 restaurants amid dismal first quarter

May 11, 2020 | IBJ Staff

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.

Steak n Shake outlook goes from bad to much worse

May 1, 2020 |

Greg Andrews

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.

Steak n Shake planning to convert more restaurants to counter-service-only models

February 25, 2020 | IBJ Staff

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.

Steak n Shake slows closures, continues to lose money

November 4, 2019 | IBJ Staff

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 closures top 100 in 2019 amid slowing customer traffic

August 5, 2019 | IBJ Staff

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.

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