Last week, Inno-Pacific Holdings, the Singapore-based franchisor of Shakey's Pizza, announced that it was selling the franchise company to one of its franchisees. Jacmar, Inc., the owner of 19 Shakey's Pizza restaurants and a large shareholder in Chicago Pizza & Brewery, Inc., will pay $4.5 million for the company and has negotiated with the plaintiff class of franchisees to end the litigation against Inno-Pacific. The details of the negotiation were not disclosed but at least part of the deal requires that Inno-Pacific and its chairman no longer have any stake in Shakey's. Based on the reaction of the class leader, the franchisees appear to be optimistic about the company's new ownership and the direction of the chain. The sale should be official in a week.
Posted by franchiselawblog at July 6, 2004 12:49 PM