Coronavirus: Steak ‘n Shake permanently closes 57 restaurants in first quarter

Citing financial concerns during the coronavirus pandemic, restaurant chain Steak 'n Shake has permanently closed more than 50 locations across the country.

According to the Indianapolis Business Journal, the chain's parent company, Biglari Holdings, revealed in its latest quarterly report that Steak 'n Shake's revenue fell by $59 million in the first three months of the year compared with the first quarter of 2019.

"The COVID-19 pandemic had an adverse effect on our restaurant operations, thereby resulting in the evaluation of company-operated restaurants for recoverability," read the report, adding that 51 company-owned restaurants and six franchised locations permanently closed.

As of March 31, the chain had 553 company-owned and franchised restaurants, compared with 624 last year, according to the Journal.

But Steak 'n Shake's quarterly operating loss of $10.9 million was actually better than its first quarter 2019 operating loss of $18.9 million, the outlet reported.

Texas-based Biglari also owns Western Sizzlin' and 9% of Cracker Barrel.