Sardar Biglari drops stake in Red Robin

Two companies led by investor Sardar Biglari have sold their combined 6-percent stake in Red Robin Gourmet Burgers Inc., according to documents filed with the Securities and Exchange Commission.

Biglari is the chairman and chief executive of San Antonio-based Biglari Holdings Inc., which operates the Steak 'n Shake and Western Sizzlin chains. He also is a well-known restaurant investor who has played roles in deals at Friendly Ice Cream Corp. and during the Applebee’s-IHOP merger

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