Sizzler reorganized with more local ownership
Longtime owners and executives of the Sizzler restaurant chain have spun off the company's U.S. operations as part of a revitalization effort.
The Culver City company, which operates Sizzler restaurants in the U.S. and overseas, had been partly owned by the Australian private equity group Pacific Equity Partners. Now, the U.S. operations will be owned by a group that includes Chief Executive Kerry Kramp and longtime shareholders Jim Collins and Kevin Perkins.
Kramp, who came to Sizzler from the HomeTown Buffet chain, has worked hard to turn the 1960s-era chain around, updating its salad bar, adding new items to the menu and pushing franchisees to remodel their stores.
Under his leadership, sales have increased each of the last three years, the company said. Kramp has closed 30 under-performing stores, and the rest are now profitable, he said. The company stopped franchising when Kramp took over three years ago but is ready to begin again, he said.
There are 178 sizzler restaurants in the U.S. and Puerto Rico. Thirty are company-owned and 148 are franchises.
"We're unbelievably excited," said Kramp, whose goal in joining the company had always been to gain an ownership stake.
-- Sharon Bernstein