Steak 'n Shake

Steak 'n Shake's 2023 recapitalization came after years of operational collapse. Owner Sardar Biglari had implemented a disastrous counter-service conversion that alienated customers who valued table service. Franchisees sued over support failures. Hundreds of locations closed. The company that invented the steakburger in 1934 became a case study in owner-operator mismanagement. Biglari treated Steak 'n Shake as a financial asset rather than an operating business, with predictable results.