Apparel
Foothill Ranch-based retail chain Wet Seal Inc. filed for Chapter 11 bankruptcy, saying it plans to continue to operate its recently pared-down business under the jurisdiction of the court. It said it’s negotiated debtor-in-possession financing with Los Angeles-based investment bank B. Riley Financial Inc., which will provide it with a $20 million term loan to fund operations during the Chapter 11 proceedings. It also said it expects to use $31 million in cash on hand, ongoing revenue, and “certain financial accommodations from its existing lender, Bank of America.”
Finance
Newport Beach-based Pacific Investment Management Co. tapped former White House economic adviser Gene Sperling as a consultant on U.S. economic policy. He was director of the National Economic Council and economic policy adviser to President Bill Clinton from 1997 to 2001 and to President Barack Obama from 2011 to 2014. Pimco said Sperling will “work with the firm’s portfolio management group and engage Pimco’s clients around the world” (see related OC Insider item, page 3).
Healthcare
Irvine-based Allergan Inc. and Dublin-based Actavis Plc said the U.S. Federal Trade Commission granted early termination of a federal regulatory waiting period and set a shareholder-of-record date for the $68 billion acquisition of Allergan by Actavis. The FTC granted early termination of the waiting period under the Hart-Scott-Rodino antitrust legislation. That was one of the conditions of closing the acquisition, the companies said. Allergan and Actavis also set Thursday as the record date to determine eligibility to vote on the acquisition at special meetings of each company’s shareholders. Dates for those meetings hadn’t been set (see story, page 1).
San Juan Capistrano-based Allegro Opthalmics LLC said it raised $20 million from South Hanmi Pharmaceutical in South Korea. It’s developing drugs to treat wet age-related macular degeneration, a major cause of blindness.
Newport Beach-based CureDuchenne Ventures LLC said it invested $1 million in Capricor Therapeutics Inc. to fund research for treating heart disease associated with Duchenne muscular dystrophy. Capricor is based in Beverly Hills and trades on the low-profile over the counter exchange.
University of California-Irvine Chancellor Howard Gillman was named to the board of directors of Children’s Hospital of Orange County.
Hospitality
Irvine-based Montage Hotels & Resorts promoted Executive Vice President Jason Herthel to president and chief operating officer, new positions. He’d overseen acquisitions and development and adds oversight of sales and marketing, operations, legal, residential, golf, and the company’s new Pendry Hotels division.
Manufacturing
Lake Forest-based iPourIt said it got $1 million in angel funding from a group led by Tech Coast Angels, with the potential for an additional $250,000. Other participants include Pasadena Angels and Harvard Business School Alumni Angels. IPourIt makes “self-serve draft beer and premium wine on-tap systems” for restaurants, hotels, sporting venues and others. It’s in 37 locations in 19 states and two provinces in Canada, none in Orange County.
Real Estate
Newport Beach-based homebuilder William Lyon Homes partnered with Stearns Lending LLC in Santa Ana to create William Lyon Mortgage LLC. The new company will offer a range of mortgage banking services and will open in phases throughout California, Nevada, Arizona and Colorado, where William Lyon Homes operates.
Restaurant
A franchisee partnership plans 10 locations of Millbrae, Calif.-based Cream Inc. in Orange County in the next three to four years.
Dickey’s Barbecue Pit said it plans 10 locations in Orange County within about six months as franchise agreements are made in key cities. The Dallas-based fast-casual chain has locations in Brea and Fullerton. The newest was scheduled to open last week in Laguna Niguel, and a fourth is under construction in Buena Park.
Anaheim-based Bruxie Gourmet Waffle Sandwiches named Dave Barrows its first president, according to a news report. The move comes as it sets its sights on growth. Barrows co-founded Airvision, a brand consulting company that has Il Fornaio and Denver-based Chipotle Mexican Grill among its clients.
