The 90s are over, friends. Along with curly laces, Pro-Yos, Agro’s Cartoon Connection, and Brashs, one of the last remaining remnants of a much-beloved youth is looking like its starting to circle the drain.
All you can eat free-for-all Sizzler – which still exists predominantly Queensland, with some stores surviving in New South Wales and Western Australia – has turned a dismal year-on-end profit, which has caused its parent company to withdraw any further investment.
Collins Foods today wrote down the value of the chain of stores by $37.5million, after the franchise’s revenue plummeted 8.5% to $88.5million. The chain posted a year to March 3rd loss of $10.4million, compared to an operating profit of $14million in the 12 months prior.
Company CEO Graham Maxwell stated that they “no longer consider Sizzler to be a strategic growth prospect in Australia and therefore we will not be investing further capital.“
This is not good news for the 26 remaining stores across Australia, with bookmakers already speculating that 2017-18 will be the year the last Sizzler restaurant closes its doors in Australia. Whilst Collins Foods does intend to open new Sizzler locations across Thailand and China, it no longer considers Sizzler a “core” priority to their business model in Australia, where their other fast food asset, KFC, reigns supreme.
The group is conducting a review of the restaurant’s operations, and expects to begin strategically closing stores as early as next year.
WHY, SIZZLER. WHY WOULD YOU HURT US SO?
THIS COULD BE US BUT U PLAYIN.
via Business Insider.