Steak ‘n Shake has permanently closed 51 of its company-owned restaurants as the chain has worked to refinance a debt bill that comes due next year, according to Restaurant Business Online.
The press release from the corporate headquarters did not list the restaurants that will be closing.
The manager at the Paris Steak ‘n Shake said they have not received word of a pending closing at the local restaurant. He said the Paris restaurant will continue drive-through service only for at least thr rest of the month.
The company now operates 306 restaurants, down from 368 at the end of 2019. Steak ‘n Shake closed 51 restaurants, sold one location to a franchisee and another 10 to operating partners under the chain’s current refranchising strategy.
Steak ‘n Shake, which offers both full-service family dining and a popular drive-thru, has permanently shed 73 company and franchised locations since the end of 2018. Another 62 locations are temporarily closed.