The long death of Sizzler restaurants, the popular family steak houses of the 1990s, continues.
The owner, Collins Foods, gave its shareholders an update about Sizzler, which it considers a non-core business, at its annual general meeting today.
The company says another six Sizzler restaurants closed during the year, bringing the total restaurant count to 16, down from 26 two years ago.
Most of the Sizzlers left are in Queensland and Western Australia.
Even at this reduced level, Sizzler Australia delivered positive same store sales growth of 0.4% at a time when when high street retailers are struggling to get customers through the door.
But the closure of the six restaurants meant revenue was down 10.5% for Sizzler to $65 million.
The company isn’t investing any more money in the chain in Australia, which is famous for its all-you-can-eat salad bar, cheesy bread, and dessert range all served with a range of grilled steaks and other meats.
In Asia, where Collins is a franchisor of the Sizzler brand, it’s a different story.
Sizzler continues to grow, with royalty revenue up 4% and the store count growing by three to 68 across Thailand, China and Japan.
Another six restaurants are planned for Asia in 2018.
The core business of Collins Foods, which brings in most of its $633.6 million revenue in 2017, is its network of KFC restaurants in Australia and Europe.
It has 224 KFCs in Australia, 14 in Germany and 16 in the Netherlands.
Over the next four to five years the company plans to open eight to nine annually in Australia and eight to 10 a year in Europe.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.