Apparel
Pacific Sunwear of California Inc. in Anaheim filed for bankruptcy protection and said it will convert debt into equity for creditor Golden Gate Capital. The San Francisco-based private equity firm will convert more than 65% of a $90 million term loan due in December into equity in the reorganized teen apparel and accessories retailer. The deal also calls for Golden Gate to provide another $20 million upon PacSun’s emergence from Chapter 11 to “support its long-term growth objectives.” PacSun also got $100 million in debtor-in-possession financing from Wells Fargo Bank and will be able to “draw capital as needed to manage seasonal swings in cash flow.”
Entertainment
A music festival dubbed Ohana will debut at Doheny State Beach in Dana Point, with a run of Aug. 27-28, a news release said. Scheduled performers include Eddie Vedder, Lana Del Rey, Elvis Costello, and Band of Horses, according to organizers. Tickets went on sale April 8 for $100 to $195, plus fees, for one or two days. VIP passes, which include some food and access to special areas, are $500, plus fees. Organizers said part of the proceeds go to San Onofre Parks Foundation, and surfer Kelly Slater will have a surf and ocean exhibit at the festival. The show is produced by Live Nation and SGE.
Food
Irvine-based Golden State Foods bought the remaining stakes in two companies it has held controlling interests in since 2012 and 2013. The supplier to fast food restaurant chains acquired Arkansas City, Kan.-based KanPak U.S. and Shanghai-based KanPak China on undisclosed terms.
Healthcare
Irvine-based Edwards Lifesciences Corp. reported positive results on a pair of less-invasive replacement heart valve clinical trials. The device maker said a trial of its Edwards Sapien valve in intermediate-risk patients with severe aortic stenosis, or a narrowing of the body’s main artery, showed a death or stroke rate of 19.3% versus 21.1% of open-heart surgery patients. It also reported that a trial of the Edwards Sapien 3 valve was superior to open-heart surgery in intermediate-risk patients.
Hospitality
The city of Buena Park will consider the addition of a 2% fee to hotel room prices to go toward tourism promotion, according to the Orange County Register. The money would be funneled to the Buena Park Tourism Marketing District to market hotels. A final decision on the proposal won’t happen until May after public meetings.
Retail
Newport Beach-based Leaf Brands said it will expand distribution of its Hydrox cookies via Cincinnati-headquartered Kroger Co. supermarkets. The cookies had been in some stores; the new agreement allows for national distribution. Hydrox also signed new agreements to be in Wegmans groceries in New York and in Dierbergs and Schnucks groceries in the St. Louis market, Leaf Brands said. Publicly listed Kroger operates about 2,800 supermarkets in 36 states and reported about $110 billion in total sales for the year ended Dec. 31. Hydrox debuted in 1908 as the first sandwich cookie and was the No. 2 cookie brand behind Oreo when its then-owner, Battle Creek, Mich.-based Kellogg’s, pulled Hydrox from shelves in 2003. Leaf got the rights to Hydrox last year.
Services
A Costa Mesa-based operator of sober-living homes will close 33 of the facilities, along with counseling centers, as part of a settlement with the city of Costa Mesa over litigation involving the distance between such homes and laws regulating them. Solid Landings Behavioral Health sued the city in 2014 over a law that regulates homes like the ones it operates, saying it discriminates against recovering addicts.
Technology
Irvine-based Blizzard Entertainment Inc.’s annual fanfest is set for Nov. 4 and 5 at the Anaheim Convention Center. BlizzCon draws more than 20,000 loyalists from around the world and provides players game time for upcoming releases, panels with developers and artists, and community contests and the global finals of Blizzard’s eSports franchises. Tickets, which typically sell out quickly, will be on sale April 20 and April 23 for about $200 each. A pre-event dinner on Nov. 3 will benefit Children’s Hospital of Orange County.
Transportation
A Taxi Cab taxi service in Santa Ana ceased operations after 30 years, the Orange County Register reported. Owner Hossein Nabati blamed competition from Uber and rising insurance costs.
Other
The historic Lido Theater in Newport Beach will reopen April 29 as a one-screen cinema, the Orange County Register reported. Operator Regency Theatres reached an agreement with property owner Fritz Duda Co. The theater closed late last year after Lido Live’s lease unexpectedly ended.
