Summary
The investor's track record shows big changes could be ahead for the chain, including another board shakeup, a shift to more franchised locations and ownership stakes for store managers. Gallo said a quick sale of the company - the strategy Biglari endorsed after investing in the Massachusetts-based ice-cream chain Friendly's - is unlikely for Steak n Shake thanks to a small number of potential buyers and a challenging financing environment.
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Extract
Steak N Shake-Up
Texas investor Sardar Biglari rode a wave of shareholder anger to a landslide victory in his quest for Steak n Shake Co. board seats.
Now, the dissident 30-year-old investor who models his approach after Warren Buffett's is hoping to deliver on his promise to turn around the Indianapolis-based chain, with or without the chairmanship he cove...See the full content of this document
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