Illinois-based Steak ‘n Shake was founded in 1934 and has a strong presence in the Midwest and South. It has more than 500 quick-service restaurants nationwide but little presence in Western states.

Steak 'n Shake is owned by Biglari Holdings, a San Antonio, Texas-based investment firm.

The restaurant chain is known for fresh burgers and shakes and two dozen choices under $4. Steak ‘n Shake is known as a “quick service” store, an industry term meant to identify something between fast-food and a sit-down café or full-service restaurant.

According to the company’s website, a Steak ‘n Shake franchisee must prove a net worth of $1.5 million and have $500,000 in liquid cash to open a new restaurant.

The initial investment ranges between $1.375 million and $2.135 million to open the full restaurant, according to Steak ‘n Shake.

Erwin said harsh reviews on social media hurt his Billings restaurant, particularly because it’s the only Steak ‘n Shake for 600 miles, and he felt the quick-service concept didn’t catch on in a town with many fast-food options.

“I sort of understand now why there’s nine McDonald’s in Billings,” Erwin said.