Sizzler sale sought
The five Oahu eateries
are put on the block
The owners of Sizzler Restaurants of Hawaii have put their five Oahu restaurants up for sale.
Company President Gary Sallee said he began thinking about selling the franchise after his parents died.
"We got serious this month when my mom died and my dad had died about a year ago," he said.
Since none of his three children are interested in continuing in the business, Sallee said he and his wife decided it was time to sell. The restaurants employ 174 people.
There has been some interest but no firm offers yet, he said.
"So far it's been word of mouth. We are talking to a couple of people, but don't know how serious they are. But we'll sell it. It's just a matter of time. We'd like to do it sooner, but if it takes three to four years that's what it will take," he said.
Sallee's father, Frank, opened the first Sizzler Restaurant on Nimitz Highway in 1964. He built seven more restaurants before Jolly Roger acquired the franchise in 1977. He continued to sublease many of the Sizzlers to Jolly Roger. But when Jolly Roger got into financial trouble in 1997, Sallee ended up reacquiring the eight restaurants.
Three of the restaurants have closed over the years.
Sallee expects finding a buyer for the remaining restaurants could be tough.
"Especially since 9/11, we've seen a lot of restaurants go under. We go to restaurant auctions every month," he said.
Still, Sallee is hopeful.
"We have a good name and good locations," he said.
Biff Graper, a leasing manager with real estate firm Colliers Monroe Friedlander, is familiar with the franchise. He was vice president for operations when it was owned by Jolly Roger.
Graper believes the restaurants may be appealing to another Sizzler franchisee.
"I think there is a chance that a mainland Sizzler franchisee may want to buy them," he said. "Perhaps they may have Sizzlers on the West Coast and may want to add Hawaii to their portfolio."