Hawaii’s Times Supermarkets chain will be sold to an affiliate of the Japanese retailer Don Quijote Group, Times parent Quinn Stores Inc. (QSI) said Wednesday.
The deal includes all of QSI’s 24 Hawaii-based supermarkets which do business under the Times Supermarket (17 stores), Big Save Markets (5 stores) and Shiuma’s Supermarkets (1 store) banners as well as Fujioka’s Wine Times on the islands of Ohau, Kuai and Maui.
Financial terms were not disclosed.
“This is a huge step for our business and will be good for our customers. Today we are combining two established kama’aina [native to Hawaii] companies to create a powerful new brand in the local grocery industry,” John Quinn, president and CEO of QSI, said in a statement.
Quinn’s Stockton, Calif.-based company, PAQ, which operates discount stores including Food 4 Less and Save-A-Lot on the West Coast, was not included in the deal.
Don Quijote Group operates 354 discount retail and convenience stores internationally. The company previously acquired U.S.-based retailers Dai’ei USA and Marukai Corp., each of which operates stores on the U.S. West Coast and in Hawaii. It has U.S. headquarters is in Honolulu.
“QSI’s various retail formats have enjoyed a devout following of local residents and tourists in Hawaii for many years. We decided to welcome QSI into our group, which we believe enables us to accelerate our global operations and enhance our corporate value with a focus on the Hawaiian market,” Don Quijote said in a statement.
Times Supermarkets was established in Honolulu 1949 and acquired by Quinn in 2002. QSI subsequently acquired Star Markets in 2009 and Big Save in 2011. It had sales of $436 million in the fiscal year ending last September.
Times stores are known for offering locally sourced produce and EDLP pricing.
Don Quijote is expected to operate all of the acquired locations and retain all of their 1,600 employees. The acquisition is scheduled to close on Aug. 31.