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LOS ANGELES—Singapore-based Inno-Pacific Holdings has agreed to sell its 61-unit Shakey's Pizza chain to The Jacmar Companies for $4.5 million.
According to an announcement made by Inno-Pacific, the sale effectively puts to rest a class-action lawsuit filed in December 2002 by 20 franchisees against Shakey's Inc. In the announcement, Inno-Pacific denied any wrongdoing on behalf of Shakey's, Inc.
Jacmar operates 19 Shakey's restaurants in California. In 2001 Jacmar president Randy Hill told PizzaMarketplace that his company would leave the Shakey's system if Inno-Pacific still owned the chain when Jacmar's franchise agreement expired in 2005.
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