The Nation’s Restaurant News Web site reported that the brand’s owner, Sydney, Australia-based Pacific Equity Partners, hired an investment banker to find a buyer for Sizzler USA and its international business. The equity firm bought the brand in 2005 from Worldwide Restaurant Concepts.
“We have gotten a lot of interest from potential buyers,” Kevin Perkins, acting chief executive of Sizzler USA told NRN. “However, the restaurant and credit markets have declined considerably since earlier this year, so we made the decision to postpone the sale process until market conditions improve.”
The magazine said it wasn’t clear whether a new chief executive would be hired to replace former president and CEO Ken Cole, who stepped down in February to head the casual-dining chain Quaker Steak & Lube.