Steak ‘n Shake to open restaurants in Saudi Arabia
THE ASSOCIATED PRESS December 18, 2013 10:54AM
SAN ANTONIO — Steak ‘n Shake has signed an exclusive deal with AB Holdings to open 50 of its restaurants in Saudi Arabia in the coming years.
The burger chain, which is owned by Biglari Holdings Inc., said Wednesday that the deal is part of its plan to further its global expansion.
Steak ‘n Shake, which was founded in Normal, Ill., in 1934, expects to open its first restaurant in Riyadh during the first half of 2014. It currently has a total of more than 500 restaurants.
Biglari Holdings Chairman Sardar Biglari has tried several times unsuccessfully to join Cracker Barrel’s board. Biglari Holdings is Cracker Barrel’s biggest stockholder. It is based in San Antonio, Texas.
Shares of Biglari Holdings rose 19 cents to $480.55 in morning trading Wednesday. Its shares have risen almost 33 percent so far this year.