HONOLULU — The owner of Times Supermarkets here has agreed to acquire Big Save Value Centers for an undisclosed amount, according to published reports.
The buyer is PAQ, Stockton, Calif., which also operates a chain of 12 Food 4 Less Stores and four Rancho San Miguel stores in Northern California. PAQ acquired Times in 2002 — the same year it began operating the Star Markets chain in Hawaii — and merged the two companies under the Times banner in 2009.
The acquisition of Big Save — expected to close this summer — would broaden Times' position statewide, adding stores on the island of Maui to its 20-store operation on Oahu and Kauai. Big Save is based in Eleele, on Maui.
Big Save operates six stores. However, Times is expected to acquire only five, with the store in Lihue, on the island of Kauai, scheduled to be closed because Times already has a store there, local reports said. The Big Save stores, which run from 18,000 square feet to 22,000 square feet, are expected to be converted to the conventional Times banner.
PAQ has annual sales estimated at $36 million; the six Big Save stores were generating annual volume estimated at $8 million.
Big Save was formed in 1958 when the Kawakami and Furugen families consolidated their businesses, which dated back to 1926. "This is very difficult and emotional day for our family," Charles Kawakami, president and chief executive officer of Big Save, was quoted as saying.