Amfac

{{Infobox company

| name = Amfac, Inc.

| logo =

| type = Public company

| trade_name = Kaanapali Land, LLC

|traded_as =({{OTC Pink|KANP}})

| industry = Land development

| fate =

| predecessor =

| successor =

| founded = 1898 as H. Hackfeld & Co.

| founder =

| defunct =

| hq_location_city = Hawaii

| hq_location_country =

| area_served =

| key_people =

| products =

| owner =

| num_employees =

| num_employees_year =

| parent =

| website = {{URL|http://kaanapaliland.com/}}

}}

Amfac, Inc., formerly known as American Factors and originally H. Hackfeld & Co., was a land development company in Hawaii. Founded in 1898 as a retail and sugar business, it was considered one of the so-called Big Five companies in the Territory of Hawaii. At its peak, it owned {{convert|60000|acre}} of land, was a dominant sugar company in Hawaii, and was the founder of one of its best known department store chains, Liberty House. It ended with the completion of a bankruptcy proceeding in 2005, with a small successor company, Kaanapali Land, LLC ({{OTC Pink|KANP}}), owning {{convert|5000|acre}} of land in Kaanapali on the island of Maui.

History

In 1849, German immigrant Heinrich Hackfeld formed a dry goods store called Hackfeld's Dry Goods in Honolulu. Hackfeld later became the business agent for Kōloa Plantation on the island of Kaua{{okina}}i. Paul Isenberg became a partner in 1881.{{cite book |title= The Story of Hawaii and Its Builders |year=1925 |publisher=Honolulu Star Bulletin |editor= George F. Nellist |url= http://files.usgwarchives.net/hi/statewide/bios/isenberg34bs.txt |chapter= Isenberg, Paul |accessdate=August 5, 2010 }} In 1898, the Hackfeld and Isenberg family interests in Hawaii were officially reorganized as H. Hackfeld & Co.

During World War I, H. Hackfeld & Co. was seized by the U.S. government Alien Property Custodian. It was later sold to a consortium of Hawaii businessmen in 1918, who changed the name to "American Factors". In 1966, the name was further shortened to "Amfac".

Henry Alexander Walker became president in 1933.Nimitz at Ease, Captain Michael A. Lilly, USN (Ret), Stairway Press, 2019. {{isbn|978-1949267266}} The family estate in Nu{{okina}}uanu Valley, known as the H. Alexander Walker Residence, was developed into a showcase orchid garden.{{cite web |title= H. Alexander Walker Residence nomination form |author=Dorothy Riconda |author2= Robert M. Fox |work=National Register of Historic Places |date= September 18, 1972 |publisher=U.S. National Park Service |url= {{NRHP url|id=73000665}} |accessdate=June 27, 2010 }}

From 1968 to 1972, under president Henry Alexander Walker Jr., Amfac acquired 42 companies. These included the Fred Harvey Company, which had grown to fame operating Harvey House restaurants along railroad lines starting in 1876.{{cite magazine |date= July 31, 1972 |title= Corporations: Amfac's Wide Swing |url= http://www.time.com/time/magazine/article/0,9171,877962,00.html |magazine=Time |accessdate=June 27, 2010 |url-status= dead |archive-url=https://web.archive.org/web/20071123112324/http://www.time.com/time/magazine/article/0,9171,877962,00.html |archive-date=November 23, 2007}}

Gulf+Western Industries owned a 25% stake in the company, which was sold in 1983.

=California businesses in the 1970s=

As of the 1970s, Amfac ran a variety of hospitality, retail, financial and other businesses in California, among other states.

California was its second state after Hawaii. It operated:{{cite news |title=Advertisement for Amfac |url=https://www.newspapers.com/clip/60907758/amfac-retail-and-hospitality-in/ |work=Los Angeles Times |date=June 26, 1975}}

13 Joseph Magnin specialty department stores across Southern California.
The restaurants at the Los Angeles Music Center.
The Airport Marina Hotel, operated by Fred Harvey.
Fred Harvey's Furnace Creek Inn and Ranch in Death Valley (now the Inn at Death Valley).
The Victor Hugo Inn in Laguna Beach.
The Tejon Ranch House in Lebec.
The Ranch House Inn in Valencia.
Fred Harvey-operated food and beverage and in-flight dining services at Ontario Airport and Palm Springs International Airport.
Amfac Mortgage, providing real estate financing services from six offices.
Amfac Properties and Amfac Communities, offering real estate development and management services including [http://www.canyonsandshoa.com Canyon Sands] in Palm Springs, California.
Amfac Drug Supply, distributing pharmaceuticals to hospitals and pharmacies from six branches.
Amfac Electric Supply, distributing materials to contractors and builders from a dozen branches.

=1980s–2000s=

In 1987, Ronald Sloan was removed as chief executive and president and was replaced by Richard Griffith (Henry Walker Jr. was still chairman of the board). The company announced it was selling its non-Hawaii business units.{{cite news |url= https://www.nytimes.com/1987/12/14/business/amfac-is-planning-to-sell-its-non-hawaii-businesses.html |date= December 14, 1987 |title= Amfac Is Planning to Sell Its Non-Hawaii Businesses |newspaper=The New York Times |accessdate=June 27, 2010 | first=Calvin | last=Sims}}

Amfac was bought by Chicago-based JMB Realty in 1988 for $920 million.{{cite news |url= https://www.nytimes.com/1988/11/19/business/company-news-amfac-holders-back-bid-by-jmb.html |date= November 11, 1988 |title= Company News: Amfac Holders Back Bid by JMB |newspaper=The New York Times |accessdate=June 27, 2010 }}

As the sugar industry in Hawaii declined after statehood, so did the fortunes of Amfac. The company's assets were gradually sold off or closed. Oahu Sugar in Waipahu was closed in 1995.{{Cite web| title = Dynasty in decline: Amfac, the first Hawaii company to earn $1 billion in revenue, is a shadow of its former self| work = Honolulu Star-Bulletin| accessdate = 2018-04-22| date = 2001-09-02| url = http://archives.starbulletin.com/2001/09/02/business/index.html}} Liberty House went into bankruptcy in 1998 (it was later acquired by Federated Department Stores and now carries the Macy's brand name). The Pioneer Mill in Lahaina closed in 1999, and the Kekaha Sugar Mill and Lihue Plantation closed in 2000.{{Cite web| last = Young| first = Peter T.| title = Ho'okuleana: Pioneer Mill| work = Ho‘okuleana| accessdate = 2018-04-22| date = 2013-08-02| url = http://totakeresponsibility.blogspot.com/2013/08/pioneer-mill.html}} West Maui Land acquired the former Pioneer Mill fields above Launiupoko Beach Park.{{cite web | url=https://www.mauimagazine.net/maui-intriguing-people/ | title=Maui's Most Intriguing People | date=April 2, 2006 }} Steve Case acquired the Lihue plantation in 2001.{{cite web | url=https://www.thegardenisland.com/2001/07/07/news/aols-steve-case-buys-amfacs-lihue-acreage/ | title=AOL's Steve Case buys Amfac's Lihu'e acreage | date=July 7, 2001 }} Amfac Hawaii went into Chapter 11 bankruptcy in 2002.[http://archives.starbulletin.com/2002/02/28/news/index.html Amfac mired in debt]. Honolulu Star-Bulletin. Amfac Parks & Resorts was retained by JMB and was renamed Xanterra Parks & Resorts. Amfac Hawaii was reorganized as Kaanapali Land, LLC and the bankruptcy closed in 2005.{{cite web |title= Annual Report (form 10K) of Kaanapali Land, LLC |date= March 29, 2010 |work=US Securities and Exchange Commission EDGAR |url= https://www.sec.gov/Archives/edgar/data/1230058/000089262610000036/kaa_k09.txt |accessdate=June 27, 2010 }}

Some of the former plantation land uphill from the resort has been subdivided into a development called Kāʻanapali Coffee Farms.{{cite web|title=Welcome to the New Family Farm |work=Kāʻanapali Coffee Farms web site |url=http://www.kaanapalicoffeefarms.com/farms/farms.html |accessdate=June 27, 2010 |url-status=dead |archiveurl=https://web.archive.org/web/20100909062834/http://www.kaanapalicoffeefarms.com/farms/farms.html |archivedate=September 9, 2010 |df=mdy }}