Amusement
Irvine City Council gave conditional approval for a request by the Anaheim Ducks hockey team to build an ice rinks and training center at Great Park, according to the Orange County Register. The council required Ducks manager H&S Ventures to pay for an environmental review of the project plan before council members vote on a final lease. The center would include four ice rinks and sit on 13.5 acres of city-owned land on the west end of Great Park. Ducks owners Henry and Susan Samueli must invest at least $25 million in the project, which is scheduled to break ground next fall and open in January 2018.
Apparel
Stance Inc. in San Clemente opened its first retail store. The 2,000-square-foot space is in a building in Manhattan’s SoHo district that’s more than 100 years old, a former knit glove factory that operated in the early 20th century. It features glass panels in the floors that allow customers to watch “sock artisans bring custom socks to life,” the company said. The store carries casual and lifestyle collections, Rihanna and NBA lines, men’s and women’s performance socks, and men’s underwear.
Education
Corinthian Colleges Inc. agreed to settle a lawsuit brought by shareholders that claimed the for-profit schools operator hid predatory enrollment tactics and lied about its alumni job placement numbers. The bankrupt company agreed to put up $3.5 million to settle the suit.
Finance
Pacific Investment Management Co. and other investors sued Citigroup Inc., claiming the bank failed to adequately oversee toxic securities backed by mortgage loans and leading to losses of $2.3 billion, according to news reports. The suit alleges Citigroup breached its duty as trustee of 25 private-label trusts dated between 2004 and 2007, overlooking poor performance because it was afraid it could “jeopardize its close business relationships” with loan servicers.
Healthcare
Irvine-based St. Joseph Health signed a definitive agreement with Renton, Wash.-based Providence Health and Services. The Catholic hospital operators plan to create parent organization Providence St. Joseph Health, which will be based in Renton and run by Dr. Rod Hochman, current chief executive of Providence Health. Deborah Proctor, St. Joseph Health chief executive, is scheduled to retire at the end of this year. Irvine will be home to a Providence St. Joseph system office. The hospital operators said the organization’s board will include seven members appointed by St. Joseph Health and seven appointed by Providence Health. They said the partnership still requires several regulatory steps and that they hope to complete the process next year.
Manufacturing
Christie Digital Systems USA Inc., a Cypress-based manufacturer of high-definition movie projectors, acquired Allure Global Solutions Inc. in Atlanta on undisclosed terms. Allure, which will change its name to Allure, a Christie Company, makes digital signs for theaters, restaurants, stadiums, arenas, convention centers and theme parks. Christie is a subsidiary of Japan-based Ushio Inc., a manufacturer of industrial light bulbs and fixtures.
Mercury Defense Systems, a subsidiary of Chelmsford, Mass.-based Mercury Systems Inc., was awarded a $41.8 million contract from the U.S. Navy last week. Mercury will manufacture 200 miniaturized Digital RF Memory modulators for the Navy by November 2020. The work will be carried out in the company’s facility in Cypress.
Technology
Aliso Viejo-based semiconductor maker Microsemi Corp. said it entered a “definitive agreement” to acquire Sunnyvale-based semiconductor maker PMC-Sierra Inc. for $2.5 billion in cash and stock. The agreement ends a weeks-long takeover battle between Microsemi and rival bidder Skyworks Solutions Inc. in Woburn, Mass. Microsemi said that buying PMC would lead to about $100 million in cost savings and add 60 cents to its earnings per share in the first full year.
