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Sizzler to File Reorganization Plan

November 28, 1996|Times Staff and Wire Reports

Sizzler International Inc. said it will file a plan for reorganization by the end of this year with the aim of emerging from bankruptcy protection by April 30, 1997. The restaurant chain and franchiser reported a fiscal second-quarter loss of $622,000, or 2 cents a share, for the quarter ended Oct. 13, compared with net income of $168,000, or 1 cent, a year earlier. Revenue fell 33% to $68.03 million from $102.2 million. The company said each of its restaurants will be evaluated for possible closure as part of the reorganization plan. Shares of the Los Angeles-based steakhouse chain were unchanged at $2.75 on the New York Stock Exchange. The firm, which filed for protection from creditors June 3, has closed at least 112 company-owned restaurants in the U.S.

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