Business Briefs
Reported by Star-Bulletin staff & wire

Saturday, June 9, 2001

Sale may bring job losses at Waikiki Parkside Hotel

Employees at the Waikiki Parkside Hotel may lose their jobs July 1 if a pending sale of the hotel goes through.

The Parkside's managing agent, Condotech's Hawaiiana Resorts Inc., filed a termination notice this week with the state Department of Labor and Industrial Relations for the hotel's 77 employees. Any termination of employees would likely occur July 1, according to the notice.

Condotech's Hawaiiana President Jay Bloom said it is premature to comment on the pend- ing sale, who the new hotel owners are likely to be and whether employees would be rehired by the new owners. The

Waikiki Parkside, formerly the Waikiki Viscount Hotel, was bought for $25 million in 1998 by K.S.K. (Oahu) LP.

Loomis stake acquisition won't affect isle workers

The Hawaii offices of Loomis, Fargo & Co., a national cash-handling giant, will be unaffected by the recent move of Sweden-based Securitas, to acquire the 51 percent of Loomis, Fargo it did not already own, according to Thomas J. Harper, Hawaii regional manager of Loomis, Fargo.

All 125 employees in the islands are being retained, he said, and the company is even hiring. Loomis, Fargo has been in Hawaii since 1964.

Its corporate headquarters are in Houston and nationally the company has 220 locations with 2,200 employees and 2,600 vehicles. The company is best known for its armored car services, but it also operates automated teller machines, courier services, cash vaults and secure storage for valuables

Oahu Arco operator's plan to return stations OK'd

A California bankruptcy judge has approved a plan to let the master tenant of 17 Arco and 7-Eleven service stations on Oahu walk away from the properties.

U.S. Bankruptcy Judge James Barr this week approved a settlement allowing BC Oil Ventures LLC to give the properties back to U.S. Restaurant Properties Inc., the Dallas-based real estate investment trust that bought the 27 stations in 1998. The remaining 10 stations are operated independently. BC Oil filed Chapter 11 bankruptcy last year in Santa Ana. Its two main creditors are U.S. Restaurant, which was owed $10 million for a loan, and the state of Hawaii, which is seeking $9 million in back taxes. A state official said the settlement will make it tougher to collect.

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