600 jobs lost as Collins Foods (ASX:CKF) closes Sizzler in AustraliaCraig Foley
Collins Foods (ASX:CKF) has announced the end of an era with its 9 remaining Sizzler restaurants in Australia scheduled to permanently close by 15 November 2020.
The network of restaurants has been under constant review since 2015 – a review that has already seen 19 Sizzler restaurants close.
Revenues and earnings for the casual dining restaurant chain have been slow to recover from peak Covid impacts, and the overall Sizzler business has continued to operate at a loss since the onset of the crisis.
Sizzler’s 600 employees have been offered redundancy packages. However Collins Foods notes that it is looking to redeploy as many affected Sizzler employees as possible to its KFC and Taco Bell networks.
The company will continue to licence the Sizzler brand in Asia.
Shares in Collins Foods (ASX:CKF) are trading 0.6 per cent lower at $10.34.
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Source: Finance News Network