Blazin’ Steaks founder files for bankruptcy

Blazin’ Steaks founder Richard Craft Jr. has filed for individual Chapter 7 bankruptcy, seeking to liquidate debts his filing says are primarily business-related. He established the Blazin’ Steaks concept, which has grown to dozens of independently operated, quick-service restaurants that serve plate lunches primarily of grilled steak, chicken, or fish, with rice and tossed salad, at a base cost of $6 each.

Those debts are estimated to range between $1 million and $10 million, owed to 47 creditors, while his filing estimates his assets at below $50,000.

The creditor list filed with Craft’s voluntary petition, in addition to listing landlords and finance companies, includes Acai-Licious LLC, Blazin’ Steaks LLC, Craft Enterprises Inc., Craft Enterprises LLC and Ten Restaurant Group LLC, all of which are at or in care of Craft’s home address.

A creditors’ meeting has been set in U.S. Bankruptcy Court at 1:30 p.m. July 11.

First Pier 1 Imports opens on Hawaii island

More than 1,000 shoppers showed up before noon Friday for the 10 a.m. opening of Pier 1 Imports’ new 8,448-square-foot store in Kona at 74-5586 Palani Road at the Kona Coast Shopping Center.

Jenna Criswell is the store manager, and about 40 part-time workers have been hired to support the new store opening.

"We … hope that our new Kona location will introduce customers to the eclectic and fun merchandise unique to Pier 1 Imports," said Alex W. Smith, president and CEO of Pier 1 Imports. "Pier 1 Imports offers merchandise that fits all decorating styles, as well as a broad array of affordable holiday décor, furniture and gifts."

Pier 1 Imports has three stores on Oahu in Honolulu, Kailua and Pearl City, and one on Maui in Kahului. Pier 1 Imports opened its first Hawaii store at Ward Centers in Honolulu in 1998.

Buffett’s Berkshire buys Waco newspaper

WACO, Texas » Billionaire Warren Buffett’s company Berkshire Hathaway Inc. is expanding its newsprint division, buying the Waco Tribune-Herald, its second newspaper in Texas, the company announced Friday.

For Buffett, who is Berkshire’s CEO, acquiring the Waco Tribune-Herald fits his stated interest in buying small- and medium-sized newspapers in places with a strong sense of community.

The Tribune-Herald is being sold by Robinson Media LLC, a Waco family business that bought it in 2009 from Atlanta-based Cox Enterprises. The newspaper, with a daily circulation of 34,000 and Sunday circulation of 39,000, has 124 employees. The purchase, for an undisclosed price, is expected to close July 31.

Buffett said his company is likely to buy more newspapers in the next few years. In May, Berkshire announced a deal to buy 63 newspapers from Media General Inc. for $142 million.

Buffett has defended the viability of newspapers, saying that they will have a decent future if they continue delivering information that can’t be found elsewhere. They also need to stop offering news free online, he has said.

Olive Garden, Red Lobster seek turnaround

NEW YORK » Darden Restaurants Inc. is struggling to revive sales at its flagship Olive Garden and Red Lobster restaurants. A key sales figure fell at the chains during the latest quarter, and the company issued a profit forecast that fell short of Wall Street expectations.

The Orlando, Fla.-based restaurant operator has been reworking the menu and pricing to reverse declining sales at Olive Garden, which is its biggest chain and accounts for almost half its revenue. The 10 percent rise in Darden’s net income for the quarter came primarily from the opening of new locations.

Revenue at Olive Garden restaurants open at least a year fell 1.6 percent in the quarter. At Red Lobster, the figure fell 3.9 percent. The metric is an indicator of health because it strips out the effect of newly opened and closed stores.

For 2013, Darden forecast a profit of $3.86 to $4 per share, which fell short of Wall Street expectations of $4.06 per share, according to FactSet. Given the expectations for a slow economic recovery, the company forecast sales at established restaurants to grow just 1 percent to 2 percent.

For its fiscal fourth quarter, Darden reported net income of $151.2 million, or $1.15 a share, in line with Wall Street expectations. That compares with $137.4 million, or 99 cents a share, a year ago. Revenue was $2.07 billion for the three months ended May 27, up from $1.99 billion a year ago but shy of the $2.11 billion analysts were expecting.

First Tesla electric sedans hit the road

FREMONT, Calif. » Electric car maker Tesla’s first mass-market sedans took to the road Friday, but it’s not certain whether their debut will make or break the fledgling company. Ten of the sedans, called the Model S, rolled out the door at the company’s Fremont factory during a ceremony that had the feel of a pep rally.

A crowd estimated to be in the thousands, including Tesla employees, their relatives and a host of local politicians, cheered for the lineup of speakers that included California Gov. Jerry Brown. They roared when the first cars left the building.

Tesla Motors Inc. says more than 10,000 people have put down a refundable deposit for the five-seat sedan, and the Palo Alto company expects to sell 5,000 this year.

The first cars driven out of the factory were part of what Tesla Vice President George Blankenship called the carmaker’s "personal delivery program."

The first two cars were heading to buyers in Chicago, while the third was going to nearby Palo Alto.

GM recalls popular Chevy Cruze over fire risk

DETROIT »Engine fires are forcing General Motors to recall the Chevy Cruze, a popular model that has helped GM win back small-car buyers.

The recall covers 475,000 vehicles made in the U.S. from September of 2010 through May of 2012. It’s the car’s fifth recall since it arrived in showrooms nearly two years ago, raising questions about the sedan’s reliability.

The fires can break out when fluids drip onto a hot plastic shield below the engine. The problem occurs mainly when oil is spilled and not properly cleaned up during changes, General Motors said Friday.

The company knows of 30 fires caused by the problem, but no injuries have been reported, spokesman Alan Adler said.

GM will notify owners starting July 11 about when to bring cars to local dealers for repairs, which are free and should take about 30 minutes.

IKEA to invest $1.9B in India for 25 stores

MUMBAI, India » Swedish retailer IKEA plans to invest $1.9 billion to set up shop in India despite its lingering concerns about the country’s supply chain regulations, the company said Friday. India’s commerce ministry said IKEA had applied for permission to initially open 25 stores through a wholly owned subsidiary.

ON THE MOVE

» Cadinha & Co. has announced Ty Y. Nohara as head of compliance. She was previously a securities enforcement attorney and acting senior securities attorney for the state Department of Commerce and Consumer Affairs’ Securities Enforcement Branch.

» Veterinary Emergency + Referral Center of Hawaii has announced Doug Rohn as its board-certified veterinary surgeon. His experience includes establishing the surgery service at VetCare Veterinary Emergency and Specialty Care Center in 1997 and founding Bay Area Veterinary Specialists in 1998.

» The U.S. Small Business Administration has awarded the 2012 SBA Young Entrepreneur of the Year for Region IX to Jerry Guyo,the state of Hawaii winner. He is the president of Pacific Ice Services of Honolulu.

» The Honolulu Museum of Art has received a record $346,026 incentive from Hawaii Energy. The award was due to the museum’s investment in its heating, ventilation and air-conditioning system and control systems.

SHIP AHOY!

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