Steak ‘n Shake permanently shutters 51 stores in first quarter

Steak ‘n Shake permanently closed 51 restaurants in the first quarter as a result of the Covid-19 pandemic, according to a quarterly report from its San Antonio-based parent company. Biglari Holdings Inc. (NYSE: BH) reported a $137.9 million loss in the first quarter, primarily driven by investments in Tennessee-based Cracker Barrel (NASDAQ: CBRL). Biglari’s restaurants, Steak ‘n Shake and Western Sizzlin’, remained in the red but lost less in the first quarter this year — $7.9 million,…