Apparel
Wet Seal Inc. hired Houlihan Lokey Capital in Los Angeles and former Tilly’s Inc. executive William Langsdorf to “identify and analyze potential strategic and financial alternatives.” The retailer said it hadn’t set a deadline for completion of the process and that “there can be no assurance that the exploration of the potential alternatives will result in a transaction.”
Energy
FirstElement Fuel Inc. will receive a $13.8 million loan from American Honda Motor Co. Inc. in Torrance to build 12 additional hydrogen fueling stations in the state. The funds will supplement a $27.6 million grant the Newport Beach-based company received earlier this year from the California Energy Commission to build 19 hydrogen fueling stations along major traffic corridors and regional centers that are scheduled to open next fall.
Finance
The Federal Reserve Board terminated its enforcement action with Costa Mesa-based Pacific Mercantile Bancorp. The bank holding company and the Federal Reserve Bank of San Francisco had entered into an agreement on Aug. 31, 2010, under which the company’s board of directors would take “appropriate steps to fully utilize [the company’s] financial and managerial resources.” The agreement called for specific actions by Pacific Mercantile, including eliminating from its books certain assets that were classified as losses, submitting written plans to maintain sufficient capital at its Pacific Mercantile Bank subsidiary, and withholding dividends unless it received prior written approval of the Reserve Bank and other regulatory authorities.
A state of Maine regulatory department issued a cease-and-desist order to Newport Beach-based data technology company InteliCloud Holdings Inc. to stop it from selling unregistered securities in the state, according to the Portland Press Herald. The order was accompanied by a call for $20,000 in restitution and $130,000 in civil penalties against the company, Chief Executive Jeffrey Friedrichs, and Tech Financial Group and some of its employees.
Marketing
Cypress-based Toyo Tire Holdings of Americas Inc. is voluntarily recalling about 175,000 tires for light trucks, SUVs and vans manufactured under its Toyo Tires and Nitto brand brands, due to potential tread or belt separation. The locally-based operation, a subsidiary of Toyo Tire & Rubber Co. Ltd. in Osaka, Japan, said it will replace select Toyo Open Country Tuff Duty tires manufactured between November 2008 and June 2013, and Nitto Dura Grappler Highway Terrain tires manufactured between May 2007 and April 2012. “In a small number of these recall tires, production variances in the belt package during the relevant production periods may have created conditions that may put undue stress on the belt edge,” according to the company. “This condition may potentially contribute to a tread/belt separation and/or loss of inflation pressure, which may increase the risk of tire failure and a vehicle crash.” Toyo is aware of two crashes involving the malfunction, according to the Associated Press.
Technology
Santa Ana-based Ingram Micro Inc. announced plans to acquire Anovo, a company in Paris that specializes in repairing and recycling devices such as smartphones and set-top boxes. Anovo will operate as a separate entity under the deal, which is expected to close early next year. Terms of the transaction were not disclosed. Anovo is projected to add about $300 million in annual revenue and be “modestly accretive” for Ingram, the world’s largest distributor of computers, software and other technology products with annual sales of about $42.5 billion.
Cyber security specialist Proficio Inc. in Irvine has moved its headquarters to Carlsbad, where it recently opened a new office. The four-year-old company provides security monitoring and consulting, among other services. It has 50 employees and has said the number could reach 80 next year.
Transportation
Hyundai Motor America Inc. in Fountain Valley is searching for a new vice president of marketing to fill a spot left vacant with the recent departure of Steve Shannon. Hyundai said Shannon left to “pursue other opportunities.” He joined Hyundai in 2011 during John Krafcik’s tenure as chief executive. Krafcik stepped down last December.
John Wayne Airport was named the fifth-best airport in the U.S. by readers of Condé Nast Traveler, the magazine said. Readers lauded JWA for being an international airport that is easy to navigate, and for a new customs facility for Southwest Airlines flights to Mexico. Long Beach Airport bested John Wayne by one slot, coming in fourth. Los Angeles International Airport narrowly escaped being named worst in the country: it was one spot from the cellar, just above LaGuardia Airport and just below John F. Kennedy International Airport, both in New York.
