Steak ‘n Shake closes 57 restaurants in Q1

INDIANAPOLIS (Inside INdiana Business) — The parent of Steak ‘n Shake says nearly 60 restaurants were closed nationwide during the first quarter as businesses continue to deal with the impact of the COVID-19 pandemic. In it’s quarterly earnings report, Texas-based Biglari Holdings Inc. (NYSE: BH) says the restaurant 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 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.