Steak n Shake to Auction 15 Locations, 3 in Michigan
The pandemic certainly has not been kind to the restaurant business. Due to the fact they have been forced to either close or offer take out only, many have now been closed permanently due to financial struggles. Several of our local dining establishments that closed during the lockdown, will not reopen. They are Finley’s, The Fireside Grill, The Eatery, Frandor Deli, Mijo’s Diner, and others. It’s not only affected local businesses, but national chains as well. Steak and Shake is a national chain I’ve dined at since I was a kid living in Florida.
Steak and Shake was not in great shape financially prior to Covid-19. Now they have announced that they are going to auction off 15 of their locations, three of them here in Michigan. The locations being sold are virtually turn-key operations, since much of the needed equipment will already be in the building. They are all free-standing buildings and the minimum bid is $367,000. The properties being sold are in Alabama, Florida, Illinois, Indiana, Iowa, Michigan, Missouri, Ohio, Pennsylvania and Texas.
According to MLive, here are the Michigan locations up for auction:
• 1917 Pipestone Road, Benton Harbor; 7,041 square feet on 1.45 acres
• 17200 Middlebelt Road, Livonia; 3,856 square feet on 3.89 acres
• 32751 Concord Ave., Madison Heights; 4,348 square feet on 1.35 acres
Keen-Summit Capital Partners and NAI Global are managing the auction with bids due by August 31st, and the auction on September 4th. Additional properties may become available during another auction also in September.