Financial Experts Believe Steak n’ Shake Might Be Done
Man, I love me some Steak n' Shake. When I heard the news regarding the future of the Illinois based chain restaurant, I started to get a little worried.
Here's one reason why Steak n' Shake might be going away:
A 'judge ordered the restaurant (Steak n' Shake) to pay its managers $6 million in unpaid overtime and an additional $1.7 million in attorney’s fees.'
This is on the heels of 44 Steak n' Shake restaurants abruptly closing "to prepare for franchise partners."
Currently, the Steak n' Shake location at East State Street in Rockford is still open for business, but after reporting a nearly a $20 million loss in the first quarter things are looking bleak.
Things have got so bad for Steak n' Shake, they're suggesting the removal of the cherry from their famous shakes in a cost-cutting move believing it will save the fledgling company $1 million per year.
To make matters worse, Business Insider saw this coming.
In March of 2018, they listed Steak n' Shake alongside Payless Shoe Source, Sears and David's Bridal as companies expected to file for bankruptcy. All three are either shuttered or in the process of liquidating.
I sure hope the same doesn't happen to Steak n' Shake, unfortunately, their closure would be the cherry on top of a sad business trend.
Sweet Lenny is the brand manager of 97ZOK, Q98.5, and Operations Manager for Townsquare Media Rockford. Catch him afternoons 3 to 7 on 97ZOK. Follow him on Twitter, Instagram and like his page on Facebook.