APPAREL
Anaheim-based retail chain Pacific Sunwear of California Inc. is reportedly in talks with Bellevue, Wash.-based sports retailer Eddie Bauer to consolidate their businesses, Reuters reported. Both retailers are owned by private equity firm Golden Gate Capital. PacSun emerged from bankruptcy in 2016 under Golden Gate’s ownership following a restructuring plan that converted debt into equity. Wells Fargo provided a five-year, $100 million revolving line of credit. Store sales rose 9% this year, Reuters reported.
— Subrina Hudson
AMUSEMENT
Walt Disney Co. said Star Wars: Galaxy’s Edge will open at Disneyland Resort in the summer of 2019. The Walt Disney World iteration will follow in the fall. Heavy local rains last year delayed construction on the 14-acre project.
— Paul Hughes
MANUFACTURING
Mitsubishi Electric US Inc. in Cypress named Mike Corbo to the newly created position of chief operating officer. He was most recently general manager of Mitsubishi Electric US’ elevator and escalator division, which he joined in 1986. The company also named Erik Zommers to Corbo’s prior position. Mitsubishi Electric US is an affiliate of the Japanese-based conglomerate that makes cooling and heating products, elevators, escalators and LCD digital signage monitors.
— Peter J. Brennan
Newport Beach-based DPW Holdings Inc. said subsidiary Coolisys Technologies Inc. bought Enertec Systems 2001 Ltd. of Israel for $4.8 million. Coolisys, which works in sectors like defense and aerospace, assumed $4.3 million in revolving debt. Enertec, which generated $8 million in revenue last year, is Israel’s largest private developer and maker of specialized electronic systems for the aerospace and defense markets, according to DPW, which describes itself as a diversified company with a growth strategy of acquiring undervalued assets and disruptive technologies, including “cryptocurrency mining.” It reported first-quarter gross sales tripled to $5.2 million and that its “comprehensive loss” widened to $10.8 million from a $973,000 loss a year earlier.
— Peter J. Brennan
A “self-chilling” beverage can created by an Irvine-based firm is selling in 15 Los Angeles 7-Eleven stores. Mitchell Joseph, founder and chief executive of the Joseph Co. International Inc., said, “We’ll test for 45 days and decide whether to go farther.” Irving, Texas-based 7-Eleven Inc. has 66,000 stores. The can holds the new Fizzics Sparkling Cold Brew Coffee owned and launched by the chain.
— Paul Hughes
RESTAURANTS
Cypress-based Real Mex Restaurants Inc.’s owners seek to sell the chain and hired investment bank Piper Jaffray to unearth a buyer, reported Bloomberg, which said a second bankruptcy filing in seven years could precede a transaction. It was No. 11 on last year’s Business Journal list of OC-based restaurant chains, with $263 million in systemwide sales and 92 locations, the latter down a third year-over-year.
— Paul Hughes
RETAIL
A former vice president of finance at Newport Beach-based makeup brand Urban Decay was sentenced to a year in jail after pleading guilty to a grand-theft charge for embezzling nearly $600,000 from the company, according to news reports. Prosecutors said Ranjeet Reedy Paladugu tried to cash three company checks worth a combined $1.1 million. Bank employees noticed the activity and stopped payment on the third check. Paladugu returned the money.
— Hannah Mitchell
TOURISM
Last week at the IPW tradeshow in Denver, Visit Anaheim Chief Executive Jay Burress promoted the event’s shift to Anaheim next year, when an estimated 6,000 travel industry executives will attend. It’s backed by destination marketer U.S. Travel Association in Washington D.C., and people use it to book future events. Next year’s IPW will be June 1 to June 5 at Anaheim Convention Center. (More from Burress and fellow booster, Ed Fuller, on the tourism’s economic impact, page 51)
— Paul Hughes
TRANSPORTATION
JetSuite Inc. plans to get the first “hybrid-to-electric” aircraft from Kirkland, Wash.-based Zunum Aero when it’s ready in 2022. The Irvine-based charter plans to buy up to 100 planes long term from the startup. The aircraft use less fuel with comparable cruising speed and range performance.
— Paul Hughes
Delta Air Lines will fly nonstop between John Wayne Airport and John F. Kennedy International Airport in New York, daily except Saturdays, starting on Oct. 15, a new destination for JWA, which for nonstop flights to the East Coast currently has only a United Airlines flight to Newark, N.J.
— Paul Hughes
