Experts Say Popular Burger Joint Could Close Entirely
Have you ever been to Steak 'n Shake? If so, and you loved it, this could be hard to hear.
Courier & Press reported that experts think that Steak 'n Shake will close ALL of their locations entirely. The Indianapolis-based burger chain closed at least 60 of its locations (including one in the Quad Cities) already this year, some of which were related to health violations. Most of those closures were done in March. The recent closures aren't the only reason for speculation of an entire shutdown.
S&P Global Markets made predictions last year of 19 high-profile businesses that were most likely to go into bankruptcy and guess which chain made the list--Steak 'n Shake. The case that the burger chain won't be around long gets even stronger as they reported a $19 million loss in the first quarter of this year, according to Business Insider magazine. Yikes. Plus, while the company is seeing significant losses and shutting down locations, CEO Sardar Biglari is thinking about eliminating cherries on top of the milkshakes to save about $1 million. This idea was met with speculation as many view the cherries as a staple to the milkshakes, and there are probably other things that can be done that would have a greater benefit to the company.
Another one of the major issues of Steak 'n Shake seems to be the service. Here are some of the Yelp reviews from customers of the Coralville, IA location. We'll see how things turn out. Until then, you may want to take a trip down to Coralville in case they're next in another round of closures. Oh, and maybe also get extra cherries on your shake.