Biglari Holdings Inc. (Biglari Holdings) is a holding company. The Company is engaged in a number of business activities. The Company, along with its subsidiaries, is engaged in investment management and the franchising/operating of restaurants. The Company’s restaurant operations activities are conducted through two restaurant concepts, Steak n Shake and Western Sizzlin. As of September 24, 2014, Steak n Shake operated 416 company-operated restaurants and 124 franchised units. Western operated 4 company-operated restaurants and 71 franchised units.