At least one of the Steak 'n Shake restaurant locations shuttered this spring has reopened under a franchisee, the chain said Friday.
The location at 10459 Page Ave. in Overland reopened Monday, operated by franchise owner Linda Metz, Steak 'n Shake said in a news release. A grand reopening and ribbon-cutting is set for Tuesday at 9 a.m.
Steak 'n Shake CFO Tom Murray said in a statement that the chain's "franchise partnership program gives operators like Linda the opportunity to live the American Dream of business ownership and to serve our guests in the most hospitable manner."
Steak 'n Shake had temporarily closed 31 stores, mostly in Missouri and Ohio, as part of a program to turn them over to franchisee owners.
Steak 'n Shake in August said it would sell stakes in its restaurants to franchisees for $10,000, plus 50% of a restaurant's profits, according to Restaurant Business. The company said in the release Friday that it is in the process of franchising all of its company-operated restaurants.
The trade publication reported that same-store sales at Steak 'n Shake declined 5.1% last year, the third consecutive annual decline and wider than a U.S. system sales decline of 3.4% last year.
Restaurant Business also reported that operating earnings per location went from a profit of $95,300 in 2015 to a $25,800 loss last year, citing a letter to shareholders from Sardar Biglari, chairman of Texas-based Biglari Holdings, which owns Indianapolis-based Steak 'n Shake.
Biglari reported a 2018 profit of $19.4 million on revenue of $809.9 million, down from a 2017 profit of $50.1 million on revenue of $839.8 million. As of Dec. 31, 2018, Steak 'n Shake had 61 Missouri restaurants, including 37 company-owned stores.
