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About Steak 'n Shake

Steak \'n Shake

Steak 'n Shake Operations, Inc. is a casual restaurant chain located primarily in the Midwestern and Southern United States with also locations in the Northeast and Southwest United States, and Europe. It is headquartered in Indianapolis, Indiana. There are more than 400 company-owned Steak 'n Shakes and more than 100 or so that are franchised.Typical restaurant locations have sit-down, drive-thru and front-window service, resulting in a hybrid of fast-food to-go service and diner-style sit-down service. Many Steak 'n Shake restaurants are open 24 hours a day. Steak 'n Shake's prices had been comparable to diners and other sit-down food establishments, which were generally higher than fast food restaurants, but recently the company has lowered its prices.

History

Gus Belt, born in Morrisonville, Illinois, founded Steak 'n Shake in Normal, Illinois, in February 1934. He had just served four years in the United States Marine Corps. He converted the combination gas station and chicken restaurant that he owned (Shell's Chicken) into a hamburger stand.The original building at the intersection of Main and West Virginia avenue was damaged by a fire in the early 1960s, but it was repaired and its dining room expanded. In the late 1990s, Steak 'n Shake sold this building to the Monical's Pizza company.

After Gus Belt

Steak 'n Shake continued to expand throughout Illinois following the death of its creator in 1954, with ownership passing through many hands, including: Gus's wife Edith Belt (who ran the chain until 1969), Longchamps, Inc. (an east coast steakhouse company that owned the chain from 1969 to 1971) and the Franklin Corporation, led by Robert Cronin, author of Selling Steakburgers: The Growth of a Corporate Culture. In 1981, Steak 'n Shake was sold by Franklin to E. W. Kelley and Associates, whose chairman, E. W. "Ed" Kelley was considered largely responsible for the growth of the restaurant until his death on July 4, 2003.

Biglari

In 2008, there was a shake-up in the company's Board of Directors. Value investors Sardar Biglari and Phillip Cooley were elected to the Board with well over 70% of the votes cast. As a result, Biglari was selected Chairman of the company.

Locations

As of 2014, Steak 'n Shake restaurants are currently located in Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Montana, Nevada, New Jersey, New York, North Carolina, Oklahoma, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia.

Restatement

On December 6, 2002, the company restated its financial statements to reflect a new accounting, which called for cash proceeds from some transactions to be accounted for as a "finance obligation".[14] On May 16, 2005, The Steak n Shake Company announced its revenues and earnings for the second quarter 2005 ended April 13, 2005. These results were presented on a basis consistent with a restatement for lease accounting.

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