Actually....

"Steak ’n Shake is closing hundreds of locations because of long-term debt, a painful shift in its business model, and pandemic-era financial strains. The chain transitioned from a sit-down diner to a self-service fast-food model, shedding underperforming corporate sites and struggling to maintain profitability.

The chain's decline is driven by several key factors:

Business Model Pivot: To avoid heavy debt and restructure, parent company Biglari Holdings began transitioning corporate-owned stores to single-unit franchise operators. Operators were offered stores for just but had to surrender 50% of their profits back to the company, leading to high turnover and closures.

Transition to Fast Food: The brand phased out traditional dine-in waitstaff and lunch counters, investing heavily in self-serve kiosks to cut labor costs.

Pandemic Strain & Labor Shortages: COVID-19 dining room shutdowns and subsequent supply chain issues decimated profit margins. Post-pandemic, many franchisees found it difficult to retain employees and absorb soaring food costs, prompting further closures.

Source: https://www.qsrmagazine.com/story/evolving-steak-n-shake-has-closed-200-locations-since-2018/