But can they really win us over again?
Ninety-year-old Steak 'n Shake has been struggling with stiff burger competition for decades. Last year, the chain was inching closer to bankruptcy before suddenly paying off its loan
. Directly after, the chain sued its lender, Fortress Investment Group, claiming the company schemed to gain control of its assets during that time., CEO Sardar Biglari admitted in an annual shareholder letter in 2019 that"there are no assurances that Steak 'n Shake will be able to restore profitability."Customers cited a decline in the, starting as far back in 2008 when management changed.
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