I love Steak 'n Shake--that's why when I saw this story, it stopped me in my tracks. Steak ‘n Shake could declare bankruptcy as soon as this week, according to a report in Bloomberg.
The 1934-founded burger chain is considering filing for Chapter 11 to address upcoming debt maturities as it continues to grapple with COVID-19 downturns.
Starting in 2018, the company began a program of letting people start a location for merely $10,000. The money you had to sink into a typical Steak ‘n Shake in 2018 ran from $1.6 to $2.6 million.
By the end of 2019, 106 of 282 corporate owned locations had temporarily shuttered.
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