Steak 'n Shake to close 57 stores, citing financial losses due to coronavirus

SAN ANTONIO, Tex. (UPI) -- Steak 'n Shake's parent company announced Tuesday that it will close 57 stores following financial losses it attributed to the COVID-19 pandemic.
In its first-quarter earnings report, Biglari Holdings Inc. said it will close 51 Steak 'n Shake restaurants it owns as well as six franchises after net sales fell 37 percent, or $61 million, in comparison to the same time in 2019.
"The COVID-19 pandemic had an adverse effect on our restaurant operations, thereby resulting in the evaluation of company-operated restaurants for recoverability," the company said.
Many Steak 'n Shake locations remained open for takeout, drive-thru and delivery throughout the pandemic but the company expressed concern that the pandemic could cause disruptions in its supply chain.
"We cannot predict how the outbreak of COVID-19 will alter the future demand of our products," the company said.
Reporting by Daniel Uria
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