Brian Griffin

Steak N Shake - Another 'Friendly' Deal?

How does the math change now that the company has posted terrible sss for months? Do franchisees still show interest in the chain? It seems to me that the restructuring process becomes much more difficult in a bad consumer environment for a few reasons - 1. Sales per unit are dropping precipitously 2. real estate values are dropping 3. credit available to franchisees will be more restrictive 4. unit operating metrics continue to worsen -- Would love to hear your thoughts. Thanks for the nice writeup.