Steak ‘n Shake Closing 57 Stores due to Pandemic
The coronavirus pandemic has been brutal on the restaurant industry, including national ones.
Steak 'n Shake, the fast-casual restaurant known for its steakburgers and milkshakes, announced they will be closing 57 of their locations around the U.S. In their latest financial report they say
The COVID-19 pandemic has adversely affected our operations and financial results.
Even though several of their restaurants have remained open for delivery and take-out their net sales decreased by almost $61K and franchise fees dropped almost $1,500 in the first quarter.
The company says that the uncertainty of COVID-19 could cause a disruption to their supply chain in the future, and therefore, are making the decision to close 51 company-owned stores and 6 franchisees.
Steak 'n Shake currently has 624 locations but its unknown which ones will be closing as that hasn't been revealed yet.
According to their website, they operate 7 stores in West Michigan. One of their Kentwood locations (28th St.) and their Holland restaurant are both listed as "Temporarily Closed."