Posted on: Friday, January 25, 2002

California firm reaches deal to acquire Times

By Andrew Gomes
Advertiser Staff Writer

A California Food4Less supermarket operator has agreed to buy the local 13-store Times Super Market Ltd. chain from the Teruya family in a deal expected to be completed in February.

Stockton, Calif.-based PAQ Inc., which operates six Food4Less stores in California, intends to keep the Times name and most of the kama'aina company's 875 employees, a spokesman for PAQ said.

The company did not disclose the purchase price.

Taking over as president of the company will be Roger Godfrey, a former distribution director for Foodland Supermarket and former Hawai'i division president of Fleming Cos. Inc., the main grocery supplier for Times.

Times was established in 1949 by brothers Wallace and Albert Teruya, who got into the supermarket business because they were tired of paying a middleman to supply their Times Grill (later Columbia Inn) restaurant on Kapi'olani Boulevard.

Industry observers said the owners of Times, run by Wallace's sons Raymond and Wayne, were interested in retiring.

Wallace and Albert built the chain during the post-World War II boom into what was one of the biggest supermarket operators in the Territory of Hawai'i. They built the company in memory of a third brother, Herman, who was killed in Italy during the war.

In 1956, the Times store in Kahala was considered the most modern food center in Hawai'i. The company opened its 12th store in 1978, but did not grow much after that.

For years, the company has faced stiff competition from bigger, Mainland-owned grocery retailers, including Safeway and discounters Costco and Sam's Club.

PAQ's acquisition will leave only two locally owned major grocery chains, Foodland and Star Markets Ltd.

Raymond Teruya, Times chairman and chief executive officer, yesterday said he could not comment and did not return a call this morning.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.