Steak ‘n Shake to Open More Restaurants

(photo courtesy of Steak 'n Shake)

Indianapolis-based Steak ‘n Shake Inc. is planning to open 12 new restaurants by the end of the first quarter. The company says the new locations are in addition to the 33 restaurants it opened in the fourth quarter of 2020.

Steak ‘n Shake says it is on a growth trajectory, with robust new unit economics. The company recently became debt-free after the restaurant chain purchased and retired the balance of its $220 million loan, which would have been due this month.

The company had previously closed restaurants that it says did not meet its customer service standards. With its new owner-operator model, Steak ‘n Shake says it intends to award every restaurant to an operator who provides “legendary” customer service.

Steak ‘n Shake say it is also investing in the remodel of all of its restaurants, though financial details of that effort were not disclosed.