Compiled by Mike Mason
TOP STORY
Anaheim-based retailer Pacific Sunwear of California Inc. said it plans to open a chain of shoe stores, One Thousand Steps, early next year. The company runs PacSun surfwear stores and the smaller d.e.m.o. chain, which sells urban fashions. The shoe stores, which also are expected to sell accessories, are set to target 18- to 24-year-old mall shoppers. The stores are set to sell brand-name, casual and fashion shoes. Plans call for eight to 10 stores of about 2,500 square feet to open in the first half of 2006. One Thousand Steps eventually could grow to up to 800 stores. Meanwhile, PacSun reported $21 million in second-quarter profits, up 21% from a year earlier. Sales for the quarter were up 14% to $309 million.
Santa Ana-based memory products maker SimpleTech Inc. bought Livermore-based Memtech SSD Corp. for undisclosed terms Irvine-based Broadcom Corp. said it wrapped up its $76 million buy of Mountain View-based Siliquent Tech-
nologies Inc. Broadcom may take a charge related to the acquisition in the quarter ending Sept. 30.
Costa Mesa-based Valeant Pharm-
aceuticals International said it sold off its operations in Hungary to India’s Sun Pharmaceutical Industries Ltd. for undisclosed terms … Lake Forest-based Apria Healthcare Inc. said it plans to pay $20 million to settle two civil suits over its Medicare billing operations from 1995 through 1998. Apria didn’t admit any wrongdoing as part of the settlement Santa Ana-based Advanced Medical Optics Inc. said the Food and Drug Administration approved its Tecnis intraocular lens for cataract patients. Tecnis is a foldable acrylic replacement lens Irvine-based Allergan Inc. said Irena Medavoy, wife of Hollywood mogul Michael Medavoy, has dropped her appeal of a Botox verdict that went against her. Allergan said Medavoy dropped her appeal as part of a settlement with the company. Allergan said it paid no money and agreed to release her from any claims that arose from the trial, including malicious prosecution. The drug maker also said that Medavoy agreed to reimburse it for a portion of its costs in defending the lawsuit.
The Irvine Company said it plans to take over management of the 295-room Four Seasons Hotel Newport Beach at the end of October.
Costa Mesa-based Pacific Premier Bancorp said it plans to open a branch in Cypress Los Angeles-based Mellon 1st Business Bank said it plans to open a second local branch in Anaheim or Orange by early 2006.
John Wayne Airport officials said 898,521 passengers used the airport in July, up 3.3% versus a year earlier. Total takeovers and landings fell 4.8% to 30,480 in the month An appeals court said Proposition 77, which would give the power to draw districts to a panel of judges, can’t be on the state’s November ballot. The court said the measure, which is backed by Gov. Schwarzenegger, was improperly put on the ballot. Supporters of Proposition 77 said they plan to appeal to the state Supreme Court State Insurance Commissioner John Garamendi said workers’ compensation insurance rates have fallen about 26% since 2003 reform.
Real Mex Restaurants Inc. plans to move its headquarters to Cypress from Long Beach. Real Mex operates the El Torito, Acapulco and Chevys Fresh Mex restaurant chains Huntington Beach-based Quiksilver Inc. opened a store geared to young men’s clothing at South Coast Plaza Irvine-based Kia Motors America is planning to build its first auto factory in the U.S. Mississippi is the company’s top choice, but other states, such as Kentucky, also are being considered … Teen retailer Wet Seal Inc. said Chief Financial Officer Douglas C. Felderman plans to leave the company at the end of August for personal reasons. He joined Wet Seal in spring 2004 Barbeques Galore Ltd., whose U.S. headquarters is in Lake Forest, agreed to be bought by Australian private equity firm Ironbridge Capital for $45 million. Sydney Selati, chairman of Barbeques Galore USA, will leave the company when the deal closes Ceradyne Inc. said it opened its 115,000-square-foot plant in Lexington, Kentucky. The plant manufactures lightweight ceramic body armor systems for our military forces and silicon nitride technical ceramic components for diesel engines.
ECONOMIC INDICATORS
Mixed: Orange County’s housing affordability picture in June, with 11% of local residents able to afford the county’s median priced detached home of $702,400, according to the California Association of Realtors. The affordability rate is unchanged from May, and June 2004.
