APPAREL
Wet Seal Inc. hired restructuring lawyers and may file for bankruptcy as early as next week, sources familiar with the matter told the Wall Street Journal. The Foothill Ranch-based retailer reportedly hired Klee, Tuchin, Bogdanoff & Stern LLP in Los Angeles, a firm that specializes in bankruptcy cases. Wet Seal earlier said it’s closing 338 stores and laying off 3,695 full- and part-time employees (see related story, page 8).
EDUCATION
Former University of California-Irvine physics Professor Norman Rostoker died Christmas Day at age 89, the school said. UCI called Rostoker a pioneer “of breakthrough clean nuclear fusion energy techniques” who first “established the theoretical foundation for the technology [then] turned his attention to its realization.” He worked at the University of California-San Diego and Cornell University in Ithaca, New York before joining UCI in 1972. He’s named as an inventor on 27 patents and also founded a company called Tri Alpha Energy to help develop clean, fusion-based energy sources, the school said.
FINANCE
The Janus Capital Group Inc. bond fund overseen by Bill Gross drew about $700 million in investment from a Morgan Stanley wealth management office in La Jolla where his personal financial adviser works, according to reports. It’s unclear whether any or all of the money can be attributed to Gross himself or to others with accounts at the office. The Janus Global Unconstrained Bond fund now has $1.2 billion in assets. It had about $13 million in assets under management when Gross left Pacific Investment Management Co. and joined Denver-based Janus in September. Meanwhile, Newport Beach-based Pimco has seen continual outflows, including a recent $5 billion withdrawal by a number of New York City pension funds. It had about $150 billion in mutual funds outflows last year for a total of about $1.9 trillion in assets under management. Outflows from the Total Return Fund, formerly managed by Gross, accounted for about 69% of the overall decline. Pimco’s flagship Total Return has about $143 billion in assets. It had about $220 billion when Gross left.
INSURANCE
Newport Beach-based Alliant Insurance Services Inc. acquired American Benefits Consulting in New York. Terms of the deal weren’t announced.
LAW
The heads of Irvine-based law firm Busch & Caspino announced they are forming two separate law firms. Tim Busch, who ran the Busch Firm before joining forces with Michael Caspino last March, will take the former name for his new office. Busch will continue his work on high-net-worth estate planning, tax services, corporate transactions and real estate services. Caspino focuses on business litigation and employment law. He is expected to form his own firm and continue to serve his clients, according to a statement by Busch & Caspino. The combined firm had a specialty focus on matters involving Roman Catholic entities nationwide.
Trial attorneys John Hueston and Brian Hennigan left Irell & Manella LLP and launched Hueston Hennigan LLP. Hueston had served as chair of Irell’s trial and crisis management practice. He worked out of the firm’s Newport Beach office and its Los Angeles headquarters. Hennigan, who was based in Irell’s L.A. office, was co-chair of the firm’s corporate crisis and white collar defense practice. The new firm has seven partners and seven associates at offices in Newport Beach and L.A., according to its website. A group of former Irell partners are among the hires.
RESTAURANTS
Irvine-based Galardi Group Inc. closed its Two Madres Mexican Kitchen restaurant in Mission Viejo and ended its foray into fast-casual Mexican-style food, according to a news report. The parent company of the larger Wienerschnitzel fast-food chain launched Two Madres in August 2013 amid the rising popularity of fast-casual and build-your-own concepts pioneered most notably by Denver-based Chipotle Mexican Grill.
SPORTS
The city of Newport Beach made no decision on whether Kobe Inc. can continue to use its Monrovia Avenue headquarters after 2022. The company, headed by Los Angeles Laker Kobe Bryant, bought the building from the city last year and plans to renovate it. It aims to own and help grow brands and concepts that redefine the sports industry. Kobe Inc. has requested a 10-year extension on a zoning change that would revert the property from commercial and office zoning to residential zoning.
