THE ‘90s are officially over. All those happy memories of cheese bread and all-you-can-eat dessert toppings will be lost in time, like tears in the rain.

Collins Foods will shut some of its Sizzler restaurants after the struggling brand led to a multi-million dollar writedown.

The company, which also owns KFC restaurants, has swung into the red following a $37.5 million writedown to the goodwill of its Sizzler brand.

The restaurant operator posted a $10.4 million loss for the year to March 3, compared to a $14 million profit a year ago.

Collins Foods says it now regards Sizzler Australia as “non-core” to its strategic growth and it plans to close a “limited” number of Sizzler restaurants in 2016 financial year.

“Remaining restaurants will be closely monitored with appropriate action taken as and when necessary,” the company said. Sizzler’s writedown has overshadowed an almost 30 per cent lift in the group’s revenue to $571.6 million.

Underlying profit, which excludes the writedown, was up 37 per cent to $24.6 million.

Chief executive Graham Maxwell said in the past 12 months the group’s core business, KFC, has performed strongly.

“The performance of the KFC restaurants in Western Australia and Northern Territory, which we acquired in 2014, has been very pleasing, and we continue to see opportunity for growth across all KFC regions,” he said.

KFC same store sales were up 4.8 per cent from a year ago, while Sizzler’s same store sales were down 8.5 per cent.

Mr Maxwell said the focus will be on expanding KFC with plans for eight new restaurant builds on top of 18 major store revamps. The group is planning to open two new Sizzler Asia restaurants in Thailand with further expansion likely for China.

The board has declared a final fully franked dividend of 6.5 cents per share, up 8.3 per cent on the prior corresponding period.

Online bookmaker Sportsbet has pegged 2017-18 as the most likely date for the final Sizzler restaurant to close. Hungry Jack’s owner Competitive Foods is being tipped as the favourite to purchase the franchise and hopefully resurrect it.

“It used to be their patrons bursting at the seams but it looks like the sizzle has gone out of Sizzler, judging by their financial results,” said Sportsbet’s Christian Jantzen.