After shopping itself for a reported $200 million, Tim and Nina Zagat have taken their little restaurant guidebook empire off the block. The Zagats retained Goldman Sachs six months ago, but soon after potential PE buyers began griping to The Daily Deal that the asking price was way too high.
We think the Zagats are about a decade late in trying to sell this thing. Zagat is a significant consumer brand, but the company still depends on the sale of the little burgundy books and hasn’t scaled its business online. Zagat sells 5.5 million guide books; its Web site has 1.5 million registered users.