In the world of fast-food franchises, it seems like one day you’re in—and the next you’re out.
has been privy to many highs and lows throughout its nearly 90-year-long run, and its longevity alone speaks volumes of the durability of this brand. But these days, when trying to decide on a burger to satisfy your cravings, chances are Steak 'n Shake is not the first fast-food spot that comes to mind, as the company's popularity began to wane in the late aughts.
"Experts point to a decline in the quality of service and food, starting in 2008, as the main culprit for the chain's declining popularity,"This soon led to store closings, and in 2021, Steak 'n Shake was on the verge of filing for bankruptcy. However, the company was able to dodge this bullet when its parent company, Biglari Holdings, managed to pay off its $153 million debt. Yet despite their best efforts—even reporting a $4.