Steak n Shake may be one of many restaurant casualties

Outside The Beltway
1

Things were not looking good at all for Steak n Shake going into 2020.

Then COVID-19 hit.

In early April, after briefly downgrading Steak n Shake to SD (Selective Default), they were raised to C, which is the lowest possible grade above SD or D (Default).

Moody’s recently downgraded Steak n Shake, I believe to Ca, perhaps to C, Ca being the next to lowest and C being the lowest.

The downgrades came after Steak n Shake conducted a distressed repurchase of its own debt.

I would not count on Steak n Shakes survival.

A pity as it was one of my favorite places growing up.

A number of other restaurant chains are not far behind Steak n Shake.

2

That’s sad news. I liked them when I lived in Florida.:sob:

3

I worked for one in Springfield when I was 16.

Fun fact - Steak 'N Shake uses real milk in their milk shakes, but fake ice cream. :wink:

4

My uncle managed a Steak & Shake restaurant back in the 70’s. I’ve always enjoyed eating there.

5

One of my favorite places. I’d be sad if the one near my were to close.

6

I have hate there, maybe, 5 times. I liked it and thought it was good food. The price though is a little steep.

7

stake and shake sounds like the plot of a b grade vampire movie

8

Not one of my favorites but i hate to see them go under.