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What is Steak 'n Shake?

Steak 'n Shake was founded in February, 1934 in Normal, Illinois. Gus Belt, Steak 'n Shake's founder, pioneered the concept of premium burgers and milkshakes. For over 75 years, the company's name has been symbolic of its heritage.

Who owns Steak n Shake?

After the death of Gus, in 1954, the Steak n’ Shake restaurant continued to expand all over Illinois, passing through many owners, including Gus’s wife Edith (until 1969), Longchamps, Inc., the Indianapolis-based Franklin Corporation, E. W. Kelley and Associates, and the entrepreneur Sardar Biglari.

Is Steak 'n Shake restructuring?

In mid-January, The Wall Street Journal reported Steak ‘n Shake was exploring a possible financial restructuring and hired FTI to evaluate options and plot future strategy. Central to Steak ‘n Shake’s concern was a $153 million loan coming due in March, which parent company Biglari Holdings would not guarantee maturing in a November filing.

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