Other items of interest Orange County Business Journal Vol. 37, No. 42
The Wet Seal Inc. said it will cut 78 filled and open positions, including 66 at its Foothill Ranch corporate office, a 24% decrease, and 12 at the store management level, a 20% drop.
Other items of interest Orange County Business Journal Vol. 37, No. 41
A new federal database shows Irvine-based Allergan Inc. paid doctors and hospitals $24.2 million in the last five months of last year for consulting and speaking fees, meals and travel costs, and grants, the Orange County Register reported (see related item, Insider column, page 3).
Other items of interest Orange County Business Journal Vol. 37, No. 40
Steven Benrubi resigned from his post as Wet Seal Inc.’s executive vice president and chief financial officer, the company announced in regulatory filings. Benrubi, who has been with the Foothill Ranch-based company since 2005, will stay on until Dec. 1.
Veteran Orange County medical device executive James V. Mazzo was added to a federal grand jury indictment on insider trading charges, the Department of Justice said.
361 Degrees International Ltd., which bills itself as the second-largest athletic brand in China, has chosen Irvine for its North American headquarters.
Other items of interest Orange County Business Journal Vol. 37, No. 37
Costa Mesa-based Pacific Mercantile Bancorp promoted Robert Sjogren to chief operating officer. He will continue serving as general counsel. Sjorgen previously served as chief risk officer and general counsel of Carpenter & Co., an Irvine-based bank advisory firm. Pacific Mercantile is the parent company of Pacific Mercantile Bank, which is among the largest banks with headquarters in Orange County, with about $1 billion in assets as of June 30.
Other items of interest Orange County Business Journal Vol. 37, No. 36
University of California President Janet Napolitano nominated Howard Gillman for the University of California-Irvine’s chancellor post.
Other items of interest Orange County Business Journal Vol. 37, No. 35
Southwest Airlines will start nonstop flights beginning Nov. 2 from John Wayne Airport to Dallas.
Other items of interest Orange County Business Journal Vol. 37, No. 34
Wet Seal Inc. has until Feb. 17 to get its shares above $1 for 10 consecutive days or face delisting by Nasdaq, the exchange warned in a letter to the Foothill Ranch-based retailer.
Other items of interest Orange County Business Journal Vol. 37, No. 33
Wet Seal Inc. celebrated the opening of 31 Wet Seal Plus stores across the country, including one Orange County location at The Shops at Mission Viejo.
Other items of interest Orange County Business Journal Vol. 37, No. 32
Evolv Sports & Designs LLC said Bruckmann, Rosser, Sherrill & Co. in New York acquired a majority stake in the Buena Park-based manufacturer of climbing footwear.
Other items of interest Orange County Business Journal Vol. 37, No. 31
The Chapter 11 plan for Costa Mesa-based Fisker Automotive Inc. got approval from the United States Bankruptcy Court for the District of Delaware. Wanxiang America Corp. bought the luxury hybrid automaker in February for $149.2 million in a bankruptcy auction and said it wanted to resume production of Fisker’s Karma sedan and a second-generation model.
Newport Beach-based hotel sales and marketing company Preferred Hotel Group said it produced $420 million in reservations for member hotels in the first six months of the year, including 41 hotels added to its roster. Member hotels grew room nights 18% and bookings by 20% in the year-over-year period. The Business Journal estimates the company’s 2013 revenue at $70 million.
Other items of interest Orange County Business Journal Vol. 37, No. 29
Boeing Co. won a Department of Defense contract to design a robotic plane to place satellites in space, according to the Orange County Register.
Other items of interest Orange County Business Journal
Huntington Beach-based apparel maker Quiksilver Inc. entered into licensing agreements for several product categories, Chief Executive Andy Mooney said.
Other items of interest Orange County Business Journal
Kia Motors America signed on as the official automotive sponsor of the Segerstrom Center for the Arts in Costa Mesa.
Other items of interest
McMahon’s RV in Westminster filed for Chapter 11 bankruptcy protection.
Stacy Nicholas’ Opus Foundation will give $9.5 million to University of California-Irvine’s Henry Samueli School of Engineering.
The University of California-Irvine School of Law earned full American Bar Association accreditation, making it the second school in Orange County with that status.
Other items of interest Orange County Business Journal Vol. 37, No. 23
Japan-based tire manufacturer Toyo Tire & Rubber Co. named a new head for its U.S. operations in Orange County.
Irvine-based Banc of California Inc. is moving the listing of its common stock from the Nasdaq to the New York Stock Exchange.
Huntington Beach-based action sports apparel maker Quiksilver Inc. said Bernd Beetz , chair of Irvine-based knitwear maker St. John Knits Inc. and former head of beauty products maker Coty Inc., has joined its board.
Newport Beach-based activist investor Engaged Capital LLC agreed to drop its nominations for Abercrombie & Fitch Co.’s board of directors as the clothing retailer announced its own roster of four independent directors for election. Engaged Capital has a 0.5% stake in New Albany, Ohio-based Abercrombie & Fitch, which has a market capitalization of about $2.8 billion.
Newport Beach lifestyle healthcare startup Alphaeon Corp. named Bob Rhatigan chief operating officer.
Foothill Ranch-based fashion retailer Wet Seal Inc. said it plans to begin a process to eventually close its contemporary Arden B division and allow it to put more resources into a turnaround bid for its larger namesake chain.
Adventure City amusement park is adding a roller coaster that’s scheduled to open late summer. Rewind Racers, a $2 million coaster, will move both backward and forward. The two-acre park straddles the Stanton and Anaheim city line.
Boeing Co. is adding about 1,000 engineering positions in Seal Beach and Long Beach in the next two years as part of a companywide consolidation plan to meet the global demand for new aircraft production and related support. The hires are part of an effort to centralize its commercial airline support program at the Boeing Commercial Airplanes Engineering Design Center that stretches across the two coastal cities. Some of the positions will be moved from the Seattle area, and some will be filled by Boeing employees who stand to be affected by the upcoming closure of the C-17 program in Long Beach. There also will be some new hires, including recent college graduates, according to Boeing.
Foothill Ranch-based Oakley Inc. is now the official eyewear sponsor of Little League Baseball and Little League Softball. Terms of the sponsorship were undisclosed, but similar partnerships have helped “maintain low team affiliation fees and provide valuable training, educational resources and expertise,” the company said.
The Defense Advanced Research Projects Agency in Arlington, Va., awarded Boeing Co.’s operations in Huntington Beach a $30.7 million contract to support development of a system to use aircraft for satellite launches at a cost savings compared to rocket-fueled launches.
Irvine-based Motorcycle Industry Council hired Erik Pritchard as its general counsel. The appointment was effective immediately and fills a spot left open by the departure of Paul Vitrano, who recently joined snowmobile and ATV maker Polaris Industries as vice president for global government relations.
Min Kun Kim, who most recently served as chief executive coordinator at Kia Motors America Inc.’s headquarters in Irvine, was promoted to president and chief executive of Kia Canada Inc.
Banc of California in Irvine acquired RenovationReady in Greenwood Village, Colo. on undisclosed terms. RenovationReady provides home-renovation lending services. Its president and co-founder, Jim Fraser, will join the bank as senior vice president and director of construction and renovation lending.
Chase Bank is laying off 168 employees from its mortgage operations in Irvine by early March.
A bankruptcy judge approved Wanxiang America Corp.’s $149.2 million bid for the sale of Costa Mesa-based Fisker Automotive Inc. The offer by Wanxiang, part of China-based auto parts company Wanxiang Group Corp., beat Fisker’s senior secured lender, Hybrid Tech Holdings LLC, in the auction. Hybrid Tech is affiliated with Hong Kong billionaire Richard Li.