TheBuzz
TheBuzz
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Hawaiian Island Creations
to get investorsOnly part of local surf-gear company Hawaiian Island Creations is for sale, but the truth became a rip current of rumors that went tearing through the surf industry.
HIC Chief Financial Officer Randy Inaba has heard plenty of them.
"What's actually happening is we have an investor group coming in," Inaba said. "The current owners will still be part of the ownership."
"The investor group has years of retail experience and is knowledgeable with the surf industry," he said. Inaba declined to identify the investors, indicate how many there are or whether they are local or from out of state; nor would he say whether the investors would have majority ownership.
The brand has an international presence under HIC International Inc., established in 1995 for licensing of the Hawaiian Island Creations trademark and related business.
The brand's Web site at hicsurfshop.com lists the locations and hours of the stores in Kailua, Haleiwa, Ala Moana Center, Pearlridge Center, Hawaii Kai Towne Center, King's Village in Waikiki and Maui Marketplace but also reveals that HIC stretches to far-flung places.
Its distributors are in Brazil, California, England, France and Japan while the brand is also carried by retailers in Brazil, Canada, Germany, Japan, Peru, Portugal and South Africa.
The first official use of the word "sale" in connection with the popular kamaaina company appeared in a notice it filed with the state Department of Labor and Industrial Relations last week. It revealed that the company is "engaged in discussions for the sale of its business," which may close around July 15, 2002.
It also indicated that all 75 employees would be terminated.
Language pertaining to the employees was included in the notice primarily due to the structuring of the deal, Inaba said. "Most will be retained," he said.
Closing stores doesn't appear to be on the table right now. "I would think most of the locations would be retained," he said.
"The store will remain Hawaiian Island Creations," Inaba said. "The new owners are joining the current owners to enhance our ongoing retail and wholesale operations and we're looking for this to help the company position itself for the future."
The company started in 1972 as a bicycle shop in Kailua by brothers Stephen and James Tsukayama.
Ethnic station sold
With a $650,000 purchase agreement, California-based Salem Communications Corp. will restore its status as a four-station cluster in the islands, according to rronline.com, an industry trade Web site.After taking Hawaii's only 50,000-watt AM radio station off the air at the end of last year, Salem has agreed to purchase Japanese-language KJPN-AM 940 from Honolulu-based International Communications Corp.
Salem also owns KGU-AM 760, KHNR-AM 650 and KAIM-FM 95.5. Officials from both stations did not return calls.
Erika Engle is a reporter with the Star-Bulletin.
Call 529-4302, fax 529-4750 or write to Erika Engle,
Honolulu Star-Bulletin, 500 Ala Moana Blvd., No. 7-210,
Honolulu, HI 96813. She can also be reached
at: eengle@starbulletin.com