Yes it a Ripoff of the Jaws Ripoff "Grizzly".
We have a Killer Bear treatening a Town.
It has load to make fun of.
Bad Acting : Check
Confussing Flashbacks : Check
A wounded Hero who is seperated from his wife and son: Check
A well written script: Are you kidding me?
Toyland Chairman commented
Apparently this was released in some territories as GRIZZLY 2. Not to be confused with the unfinished 1986 sequel featuring George Clooney and Charlie Sheen.