Boys Markets Parent Makes Offer to Buy at Least 3 Upscale Irvine Ranch Stores

The company that owns Boys Markets has presented an offer to buy at least three stores from the Irvine Ranch Farmers Market chain, which is currently in bankruptcy reorganization.

Peter Sodini, president and chief executive of Boys, confirmed Thursday that American Breco Corp., a Century City-based holding company, “has presented a proposal that says we’ll take three stores.” The firm could purchase as many as seven Irvine Ranch markets, Sodini added, “depending on whether or not some landlords come into the world of reality.”

Industry observers have said one of the big reasons Irvine Ranch was forced to file for protection from its creditors in July was that some of its leases are at exorbitant rates.

Sodini declined to say which three stores American Breco is interested in buying. But sources said they are the Irvine Ranch markets in Costa Mesa, Tustin and the most successful location at the Beverly Center in Los Angeles.

Irvine Ranch has 11 upscale grocery stores throughout Southern California.

American Breco began negotiating for some Irvine Ranch stores several weeks ago. Those talks broke off late last week, but both Irvine Ranch and American Breco were said to still be interested.

Contacted on Thursday, Jon Hubbard, the chain’s founder and majority owner, said, the American Breco offer is one of many. “We’re looking at all our options at this point,” he said.

Industry observers said two Southland grocery store companies--Mrs. Gooch’s and Chalet Gourmet--are interested in Irvine Ranch. Neither could be reached for comment late Thursday.

If American Breco acquires the stores, Sodini said, it wants to maintain the Irvine Ranch stores as a separate, upscale chain. Existing management would remain, Hubbard said.

No time has been set for a potential deal with American Breco. But Joseph Eisenberg of Los Angeles, a lawyer for American Breco said, “If there’s a deal we’re interested in proceeding with it quickly.”