Compiled by Pat Maio
TOP STORY
Seth Johnson, who was handpicked to lead Pacific Sunwear of California Inc. two years ago, resigned amid a slump for the operator of mall stores for teens.
Director Sally Frame Kasaks was named as interim chief executive as Anaheim-based Pacific Sunwear searches for a permanent replacement. Kasaks, a director since 1997, ran Ann Taylor Stores Inc. in the 1990s and Abercrombie & Fitch Co. before that.
Johnson’s resignation came as the company announced disappointing September same-store sales, the latest in a series for Pacific Sunwear.
Sales at stores open at least a year were down 2.4% last month. Same-store sales at the company’s dominant PacSun surfwear chain were down 1.2%. D.e.m.o., the company’s smaller chain selling urban clothes, fell 9.4%. For August, Pacific Sunwear reported a 9.4% drop in same-store sales.
Aliso Viejo-based Qlogic Corp. is paying $60 million in cash for Pennsylvania’s SilverStorm Technologies Inc., a venture-backed maker of switches for data storage networks.
Escondido-based electronics maker Veritek Manufacturing Services LLC closed on its $12 million acquisition of the assembly business of Anaheim-based DDI Corp., a maker of circuit boards for other companies.
The Army awarded a $17.5 million contract modification to a venture of Raytheon Co. and Thales SA for maintenance on an air defense radar system. Thales Raytheon Systems
Co. is set to do the work in Fullerton.
Federal regulators have given the OK for Boeing Co. to combine its satellite launch operations with those of Lockheed Martin Corp., clearing the way for the move of about 950 jobs from Huntington Beach to Colorado.
Beckman Coulter Inc., the Fullerton-based maker of medical testing and diagnostic equipment and supplies, is paying $185 million for Lumigen Inc., a supplier of chemicals used to run tests on Beckman machines. The purchase of Southfield, Mich.-based Lumigen is set to close Nov. 1.
Lake Forest-based medical device maker I-Flow Corp. is selling its InfuSystem Inc. unit for $140 million to HAPC Inc. of New York. The sale is set to close later this year or in early 2007.
Vanguard Health Systems Inc. said it completed the previously announced sale of three Orange County hospitals to Prime Healthcare Services Inc., a Victorville-based healthcare management company.
Irvine medical device maker Alsius Corp., which had filed to do an initial public offering, instead is being bought by Ithaka New York’s Ithaka Acquisition Corp. for about $45 million.
Irvine drug maker Allergan Inc. said it combined the commercial and research and development operations of Inamed Corp. into a new unit called Allergan Medical. Allergan bought Inamed this spring for $3.2 billion.
Newport Beach-based real estate company Bixby Land Co. has paid $70 million for an industrial park in San Jose, the company’s first acquisition in Silicon Valley. Bixby bought Legacy Tech Center, a five-building complex in San Jose that totals 302,186 square feet.
Santa Ana-based G REIT Inc., one of several trusts operated by Triple Net Properties of Santa Ana, plans to distribute $171 million to shareholders as part of a move to sell off real estate in San Diego, San Francisco and Austin, Texas.
Irvine-based homebuilder Standard Pacific Corp. notified employees that it is eliminating dozens of jobs amid reports of lagging home sales across the nation, the Orange County Register reported.
Washington Mutual Inc. said it had completed its purchase of Commercial Capital Bancorp Inc. for $983 million. Commercial Capital in Irvine is California’s third-largest apartment lender.
The Orange County Register offered voluntary severance packages to most of its staff to lower costs and offset falling revenue. If too few people volunteer by Oct. 16, the company said it would consider layoffs.
Vocational college operator Corinthian Colleges Inc. received a delisting warning from Nasdaq for a delay in filing its latest fiscal annual report with the Securities and Exchange Commission.
