Fast food franchisor Retail Food Group is slashing costs and selling off assets to reduce debt and keep banks at bay after crashing to another $111.1 million loss in the December half.

The latest loss followed an $87.8 million loss in the year-ago period and a $307 million bottom-line loss in 2018, when the company booked $427 million in asset impairments and costs associated with closing as many as 250 stores.