Item 2. Properties
Item 2. Properties
Restaurant Properties
As of December 31, 2022, restaurant operations included 545 company-operated and franchise locations. Restaurant operations own the land and building for 155 restaurants; they also own 9 other properties. The following table lists the locations of the restaurants, as of December 31, 2022.
Steak n Shake Western Sizzlin
Company
Operated Franchise
Partner Traditional
Franchise Company
Operated Franchise Total
Domestic:
Alabama 1 1 4 — 5 11
Arkansas — — 4 — 7 11
California — — 2 — — 2
Colorado 1 — — — — 1
Delaware — — 1 — — 1
Florida 20 57 7 — — 84
Georgia 7 12 11 — 4 34
Illinois 37 18 9 — — 64
Indiana 39 21 1 — — 61
Iowa 2 1 1 — — 4
Kansas — — 4 — — 4
Kentucky 1 11 9 — — 21
Louisiana — — 1 — — 1
Maryland — — 1 — 1 2
Michigan 13 4 1 — — 18
Mississippi — — 6 — 1 7
Missouri 10 11 22 — — 43
Nebraska — — 1 — — 1
Nevada — — 8 — — 8
North Carolina 1 5 2 — 6 14
Ohio 30 19 1 — 1 51
Oklahoma — — 2 — 2 4
Pennsylvania 4 — 1 — — 5
South Carolina — 1 2 — 2 5
Tennessee 1 7 10 — 3 21
Texas 6 7 13 — 1 27
Virginia — — 4 2 3 9
Washington, D.C. — — 1 — — 1
West Virginia — — 2 1 — 3
International:
France 2 — 23 — — 25
Monaco 1 — — — — 1
Spain 1 — — — — 1
Total 177 175 154 3 36 545
As of December 31, 2022, 39 of the 177 Steak n Shake company-operated stores were closed. The Company intends to refranchise the majority of its closed stores.
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Other Properties
Southern Oil primarily operates oil and natural gas wells in Louisiana. Its operations are primarily offshore in the shallow waters of the Gulf of Mexico.
Abraxas Petroleum operates oil and natural gas wells in the Permian Basin.
First Guard owns the land and building of its office in Venice, Florida. Southern Pioneer owns the land and building of its office in Jonesboro, Arkansas.
The Company owns Steak n Shake’s office building in Indianapolis, Indiana, along with two other undeveloped properties in other states.
Item 3. Legal Proceedings
Refer to Commitments and Contingencies - Note 15 to the Consolidated Financial Statements included in Item 8 for a discussion of legal proceedings.
Item 4. Mine Safety Disclosures
Not applicable.
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Part II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.