Steak ‘n Shake permanently shutters 51 stores

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. The company did not identify which restaurants were closed permanently. 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…