Honestly, walking into a Steak n Shake lately feels like stepping into a glitch in the Matrix. If you haven't been in a while, you’re probably expecting the old-school vibe: a harried waitress in a bow tie, a sticky menu with 200 options, and that weirdly comforting wait for a glass of water.
But things changed. Fast.
The latest Steak n Shake news isn't just about burgers anymore; it's about a radical, almost desperate transformation. The brand was staring down the barrel of bankruptcy in 2021. Now, in 2026, they’ve managed a pivot that has most industry analysts—and regular diners—doing a double-take. They didn't just change the menu; they changed the soul of the restaurant.
The Beef Tallow Revolution and the "Bitcoin Burger"
You’ve probably seen the social media buzz. It’s hard to miss. Last year, the chain made a move that felt both nostalgic and a bit "bro-science" by switching their fries back to being cooked in beef tallow.
It worked. Sales jumped over 10% almost immediately. People missed that specific, savory crunch that vegetable oil just can’t replicate. But the real kicker in recent Steak n Shake news is how they’ve embraced the "internet culture" of finance. They started accepting Bitcoin. They even launched a "Bitcoin Burger" (which, let's be real, is basically a double cheese with some clever marketing).
Sardar Biglari, the man behind Biglari Holdings, has never been one for traditional PR. He doesn't even have a PR department. Instead, he uses the company’s X (formerly Twitter) account to talk about "game changers" and "owner-operators." It’s a weirdly personal way to run a national chain, but in a world of corporate speak, it’s landing.
Why Your Local Spot Might Be a Kiosk Now
If you're looking for the classic table service, you're mostly out of luck. The biggest shift in Steak n Shake news over the last couple of years has been the $50 million "Quick-Service Flip."
The company basically realized they were losing the speed battle. Their kitchens were designed for 1950s volume, not 2026 delivery app chaos. So, they ripped out the waitstaff model. Now, you walk in, hit a kiosk, and wait for your number.
- The Labor Gap: By removing servers, they cut labor costs by nearly 8%.
- The Franchise Pivot: They’re moving away from corporate-owned stores.
- The $10,000 Deal: This is the most interesting part. They are letting people "buy" a franchise for just $10k.
Wait, $10,000? For a whole restaurant?
There’s a catch, obviously. You don't own the real estate or the equipment. You’re more like a "partner" who gets 50% of the profits. Biglari calls it the "American Dream" model. Critics call it high-stakes management. Either way, it’s the reason those 100+ "temporarily closed" signs from a few years ago are finally coming down.
Store Closures: Stopping the Bleeding
We can't talk about Steak n Shake news without addressing the closures. It’s been a rough road. Since 2024, hundreds of underperforming locations have shuttered.
If your favorite spot is gone, it’s likely because it didn't fit the new "kiosk-first" floor plan or couldn't sustain the 24-hour model. The brand is currently sitting at around 400 to 500 units—a far cry from its peak, but the stores that remain are actually making money again.
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The 2026 Menu Price Reality
Remember the "4 under $4" deal? Yeah, that's a ghost of the past. Inflation and the "beef tallow upgrade" have pushed prices up. A Butter Single Steakburger combo is now hovering around $10.69 in most markets.
| Item | 2019 Price (Approx) | 2026 Price (Approx) |
|---|---|---|
| Double 'n Cheese Meal | $3.99 | $11.49 |
| Specialty Milkshake | $3.49 | $6.49 |
| Frisco Melt Combo | $5.99 | $13.79 |
It’s a tough pill to swallow for fans who grew up on the "cheapest burger in town" mantra. But the company is betting that you'll pay more for a burger that actually tastes like steak and fries that don't taste like cardboard.
What's Next? Actionable Insights for Fans and Investors
If you're a regular, the "new" Steak n Shake requires a bit of an adjustment. Here is how to navigate the current state of the brand:
- Use the App: The "Drive-In" service is making a comeback in select locations. You park, order on the app, and they bring it to your car. It’s way better than the kiosk line.
- Watch the "Partner" Locations: Stores run by the new $10k "Franchise Partners" tend to have better service. Why? Because the manager literally gets half the profit. They actually care if your shake is thick.
- Check the Hours: Don't assume every spot is 24/7 anymore. Many have shifted to 10 AM – 12 AM schedules to cope with the labor market.
The Steak n Shake news cycle isn't done yet. With Biglari Holdings hitting new 52-week highs on the stock market recently, the "owner-operator" experiment seems to be working on paper. Whether it works for the person just wanting a late-night Frisco Melt remains to be seen.
Basically, the era of the "sit-down diner" Steak n Shake is over. What’s left is a high-tech, tallow-fried, Bitcoin-adjacent burger joint that's trying very hard to survive the decade. It's different, sure. But at least the milkshakes are still hand-dipped.