SNS?....What accounts for the recent action?.........Would not be the case if they were selling any of the other puny companies in BH..............or maybe there is a big acquisition in the works?...............If that's the case they will need a warehouse for all the debt....
Yes,he is selling SNS. He announced his intention a long time ago and he has been delivering.
Q1 - 2013 Company Owned Steak n Shake = 414; Franchised = 87
Q1 - 2014 Company Owned Steak n Shake = 418; Franchised = 108
He's selling SNS restaurants to franchisees. Those unusual expenses that were suppressing earning the last few years, that had some on this board claiming SNS was in the dumper - it's what Gilman said he was going to do in 2005, but never delivered.
Impact? Lower cost of capital. Very important. Julia Stewart did it with IHOP - look at the value created that allowed her to buy Applebees.