Steak ‘n Shake Inc. is preparing for a possible financial restructuring and has hired an advisory firm to evaluate options as the Covid-19 pandemic continues to hit the casual-dining sector hard, according to people familiar with the matter.
The Indianapolis-based burger-and-milkshake chain hired FTI Consulting Inc. to advise on a restructuring strategy, the people said. Steak ‘n Shake, owned by entrepreneur Sardar Biglari’s eponymous holding company, has struggled with restrictions on indoor dining and has a $153 million loan coming due in March, they said.
