Irvine’s Apex Parks Group, the operator of the Irvine and Fountain Valley Boomers family entertainment centers, closed its OC locations and 10 other amusement park sites it runs across the country several weeks ago because of COVID-19 restrictions.
Last Wednesday, it filed for Chapter 11 bankruptcy protection, the first notable OC firm reported to do so amid the pandemic. Expect many more.
Apex, which plans to have its assets (listed in court documents as between $50M and $100M) acquired by Cerberus Capital Management, didn’t cite the pandemic as the culprit for the bankruptcy. Instead, it noted “increased industry competition and consolidation, extensive operational expenditures and the seasonal nature of the business.” Recent events clearly didn’t help, though.
“We recognize this is a challenging time on numerous fronts and look forward to us all returning to work,” Apex CEO John Fitzgerald said in a statement, thanking the company’s team members.
A lot of people echo that sentiment. Nearly 17 million people in the U.S have filed for unemployment the past three weeks, almost 1,000 lost jobs for each reported COVID-19 related death in the country.
More than 2.1 million California residents lost their jobs over that same time, or about 4,200 jobs lost per reported death in the state as of April 10.
Tom Phelps, eponymous co-founder of national law firm Manatt, Phelps & Phillips LLP, is back from a South American cruise that lasted two weeks longer than expected, notes our Rick Reiff. His report:
Phelps and his wife, Beth, were among nearly 3,000 passengers aboard the Celebrity Eclipse, one of many cruise ships stranded at sea after ports closed over coronavirus fears.
They traveled with “two dear friends,” Pam and Phil Wheeler from San Juan Capistrano. Phil is a retired electrical engineer, Pam a former Ms. Senior California.
The Phelpses were finally able to disembark in San Diego and clear screening and return to their Coto de Caza home on March 30.
Phelps said nobody on the ship was diagnosed with COVID-19 during the voyage, and passengers freely went about the ship. And thanks to additional supplies that were ferried aboard, there was plenty of food, drink and medicine throughout the extended trip. “It was pretty nice,” Phelps said.
But the day after returning, they were notified that one Eclipse passenger had tested positive for the virus, so they’re self-isolating for 14 days. And their food and drinks are no longer free.
“Now I know what it’s been like for you guys on land,” he said.
Luxe home broker Tim Smith’s “Teach Me How to Duffy” video helped sell a $35M waterfront home in Newport Beach last year.
His team last week launched a video for a new listing in Laguna Beach. The three-minute film shows off the $8.5M-valued house, as well as a collection of eight dogs that are up for adoption through a partnership with Leashes of Love, an SJC dog shelter.
While the home hasn’t yet sold, our Katie Murar reports that one dog, a Chihuahua-mix named Prince, has already been adopted as a result of the film. Hear more from Smith and Murar on the state of the luxe market on page 32.
