Apparel
Wet Seal LLC is exploring liquidation or a sale, according to news reports. The Irvine-based women’s apparel retailer closed 338 underperforming locations and laid off 3,695 full- and part-time employees in January 2015, just before filing for Chapter 11 bankruptcy. It emerged several months later under the ownership of Philadelphia-based private equity firm Versa Capital Management LLC, with a pared-down lineup of 171 stores in 41 states. Versa is “considering a number of options for the retailer,” including a “sale for either the retailer as a whole or just its online presence,” sources close to the matter told The Wall Street Journal. “The firm is also considering liquidating all of its stores and solely operating as an online retailer.”
Oakley Inc.’s Italy-based parent, Luxottica Group SPA, plans to combine operations with Essilor International S.A. in France, pending regulatory and shareholder approval. The $49 billion deal, expected to close in the second half of the year, will create EssilorLuxottica, with total revenue of about $16 billion and more than 140,000 employees. Luxottica Executive Chairman Leonardo Del Vecchio will serve as executive chairman and chief executive of the new entity, and Essilor Chairman and Chief Executive Hubert Sagnières will be executive vice chairman and deputy chief executive.
Healthcare
The Securities and Exchange Commission ordered Allergan PLC to pay $15 million in fines and admit to disclosure violations during Valeant Pharmaceuticals International Inc.’s attempted hostile takeover of the drugmaker, the Wall Street Journal reported. Allergan said it didn’t disclose in a timely way negotiations it had with other potential merger partners after Valeant made its bid. It ultimately was bought by Actavis, which took the Allergan name. The company is based in Dublin, Ireland for tax purposes and in New Jersey for corporate administration while maintaining an eye care and aesthetics medicine hub in Irvine.
Law
National Jurist magazine named Erwin Chemerinsky, dean of the University of California-Irvine School of Law, the most influential person in legal education in the U.S. in 2016. The list recognized leaders shaping the future of law schools, according to the magazine. The 25 honored pushed for more practical training; lowered student debt; and improved graduate employment numbers, the magazine said. Chemerinsky is founding dean, Distinguished Professor of Law and Raymond Pryke Professor of First Amendment Law at UCI, with a joint appointment in Political Science.
Manufacturing
Irvine-based Incipio Group promoted Ann Fong to chief operating officer, a new position. She had been chief financial officer of the maker of cellphone cases and other mobile device accessories since 2013. Fong played an integral role in a string of acquisitions and growth in annual revenue from $200 million to an estimated $500 million in 2016.
Media
PBS SoCal KOCE launched channel and streaming service PBS SoCal KIDS, saying it wants to help close the “achievement gap” for more than 1 million children under the age of 5 who live in Southern California. About 40% of children in Southern California ages 3 to 5 are not enrolled in preschool, according to kidsdata.org. Programming focuses on literacy, social-emotional development and STEM, or science, technology, engineering and math. It’s accessible on TV, online, and via mobile devices.
Real Estate
Irvine Company Resort Properties in Newport Beach named Dirk Willis vice president and general manager of golf to replace the departing Stephen Friedlander. He’ll oversee three public golf courses designed by Tom Fazio: two at Pelican Hill Golf Club and one at Oak Creek Golf Club, and also will be in charge of golf retail operations at each property. Friedlander will stay on for several months to help with the transition and plans to then live in Arizona, a spokesperson said.
