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The peaks and valleys of Steak ‘n Shake’s 91-year history have been pronounced. It was a brand straddling a cliff during 2008’s financial crisis, holding about $1.6 million cash on hand, debt of $27 million, and losses of roughly $100,000 per day. Sardar Biglari called it a “vessel taking on water.” After Biglari acquired the brand in August of that year, a strategy shift got to where it was generating $100,00 per day by the end of 2009.

That turnaround, though, slid in 2017 as the company went from $34.7 million in operating earnings to $431,000. Then, back-to-back yearly loses in 2018 and 2019, respectively, set off another radical transformation. This time, Steak ‘n Shake shed servers after 86 years and spent some $50 million to revamp the brand, from interior remodels to a new point-of-sale to self-order kiosks. It also reduced operating hours and sliced menu items.