The diner chain Steak N' Shake will close at least 51 locations due to losses suffered during the new coronavirus pandemic. The restaurant's parent company said COVID-19 directly caused the closures.
It is not yet clear which restaurants will be shuttered. There are 553 Steak N' Shaker restaurant nationwide, including several locations in Colorado.
"The COVID-19 pandemic had an adverse effect on our restaurant operations, thereby resulting in the evaluation of company operated restaurants for recoverability," Bilgari Holdings, the parent company of Steak N' Shake, said in an earnings report.
Don't miss the latest coronavirus updates from health and government officials in Colorado. Sign up for free Patch news alerts and newsletters for what you need to know daily.
According to Bilgari Holdings first quarter earnings report, net sales and franchise royalties were both down, year over year.
Steak N' Shake's first restaurant opened in 1934 in Illinois. The brand now has locations throughout the nation.
Earlier this year, Bar Louie, Village Inn, Papyrus, Lucky's Market and Pier 1 announced closures in Colorado. The iconic retailer J.C. Penney Co. is preparing to file for bankruptcy, perhaps as soon as next week, as the new coronavirus continues to take a toll on bricks-and-mortar retailers.
Patch Editor Chris Mosby contributed to this report.
- 12 Work-From-Home Tips
- How Does The Coronavirus Test Work?
- Why Hasn't My Stimulus Check Arrived? 5 Things To Know
- Coronavirus Stimulus Ripoffs And Other Scams