Steak-n-Shake.
Who knew they were in trouble?
Serious trouble.
Weakening operating performance is putting fast-food burger chain Steak ‘n Shake at a heightened risk for a debt restructuring, according to a new review by credit ratings service Standard and Poor’s 500.
The ratings service lowered Steak ‘n Shake’s credit rating to CCC- from CCC. The company also said that Steak ‘n Shake’s outlook is “negative.”
The rating is “non-investment grade,” often known as junk, and suggests the company depends on more favorable business conditions to be able to meet its obligations.
Will they be the next big chain to fall? That is so hard to even imagine.
More info:
https://www.restaurantbusinessonline.com/financing/steak-n-shake-gets-credit-downgrade
https://www.wglt.org/post/sp-analyst-forecasts-bleak-outlook-beleaguered-steak-n-shake
Grace & Peace & Love to you all -
Matt