Steak ‘n Shake Closes 57 Restaurants in Q1

(photo courtesy of Steak 'n Shake)

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The parent of Steak ‘n Shake says it closed nearly 60 restaurants nationwide during the first quarter as it continued to deal with the impact of the COVID-19 pandemic. In its quarterly earnings report, Texas-based Biglari Holdings Inc. (NYSE: BH) says the restaurant chain saw a loss of nearly $11 million.

Biglari says of the 57 stores that closed, 51 were company-operated and six were traditional franchises. The company did not specify how many of the closed restaurants were in Indiana.

Additionally, the company says 62 of its company-operated restaurants were temporarily closed due to the pandemic. 

Biglari says the dining rooms in all of its restaurants were closed during the quarter, though most of the locations remained open with limited operations, including takeout, drive-through, and delivery. 

“However, the COVID-19 pandemic could cause disruptions to our supply chain,” the company said in its earnings report. “Moreover, we cannot predict how the outbreak of COVID-19 will alter the future demand of our products.”

The company is also reporting first-quarter revenue for Steak ‘n Shake of $111 million, down from $170 million during the same period last year.

You can view the full earnings report by clicking here.