FDD ITEM 20 · FISCAL 2021–2023
Steak N Shake Item 20: outlets, closures & growth
In its latest FDD Item 20 (fiscal 2023), Steak N Shake reported 111 franchised outlets at year end. 19 of 131 franchised outlets open at the start of the year left the system — an annualized exit rate of 14.5%— while 0 new outlets opened. Systemwide units moved -24.6% over 2021–2023.
| Status (FTC) | 2021 | 2022 | 2023 |
|---|---|---|---|
| Outlets at start | 431 | 338 | 304 |
| Opened | 3 | 10 | 0 |
| Transfers | 3 | 1 | 2 |
| Terminations | 0 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 1 |
| Ceased — other reasons | 19 | 22 | 19 |
| Outlets at end | 338 | 304 | 255 |
| Net change | -93 | -34 | -49 |
0 terminations + 0 non-renewals + 19 ceased (other) = 19 exits ÷ 131 at start = 14.5%
These are the three FTC Item 20 statuses in which a franchisee involuntarily or terminally leaves the system. Transfers (2) are resales, not exits; reacquisitions by the franchisor (1) are tracked separately. There is no official “failure rate” — this annualized exit rate is the disclosed, measurable floor.
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