Steak n Shake's review process yields no new results

By Lisa Kerner

Charlotte, N.C., Feb. 21 - The Steak n Shake Co. said it will continue to focus on its operational turnaround plan, improving unit economics and hiring a permanent chief executive officer following its review of strategic alternatives.

None of the offers received as part of the review process reflected the full underlying value of the company, officials said.

The review process was hampered by unfavorable trends in the casual dining market, Steak n Shake's recent disappointing operating performance and volatility in the financial markets, a company news release stated.

Interim president and chief executive officer Alan Gilman expressed confidence in Steak n Shake's long-term future, citing early results from initiatives designed to drive same-store sales improvement.

As previously reported, hedge fund manager Sardar Biglari is attempting to gain a seat on, and control of, Steak n Shake's board of directors.

Biglari is chairman and CEO of Western Sizzlin Corp., which along with its affiliates owns 8.5% of the Indianapolis-based casual dining restaurant franchisor.

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