Other news items of interest from the Orange County Business Journal
Costa Mesa-based surf-wear company Hurley International is suing Old Navy, alleging the retail giant committed patent infringement related to the design of its board shorts. The suit, filed in the U.S. District Court in Santa Ana, seeks a jury trial. Hurley is owned by Beaverton, Ore.-based Nike Inc., while Old Navy is owned by San Francisco-based The Gap Inc.
Bausch & Lomb Inc. said the Food and Drug Administration has approved Victus, a laser device capable of performing both cataract and refractive surgeries. The device is produced in Aliso Viejo, where Bausch’s eye-surgical operations are based. Bausch, which is headquartered in Rochester, N.Y., plans to introduce Victus immediately and will begin placing the device in surgery centers nationwide.
The Roman Catholic Diocese of Orange plans a $100 million fundraising drive starting next year, with half of the proceeds earmarked for renovations at Garden Grove’s Crystal Cathedral, which it bought earlier this year for $57.5 million. The fundraising campaign is expected to last a year-and-a-half, tapping support from Orange County’s estimated 1.2 million Catholics. The diocese takes over the 34-acre campus next June and plans to rename the iconic site Christ Cathedral.
Seattle-based Zillow Inc., a provider of residential real estate data for brokers, lenders and consumers, opened a new office in Irvine’s 2600 Michelson tower that’s expected to hold up to 100 employees by year’s end. The 20,025-square-foot office, which will hold Zillow’s Southern California operations, held a ribbon-cutting ceremony last week. A bulk of the Irvine office’s new hires will be in sales.
A 500,000-square-foot mixed-use project in Buena Park called The Source broke ground last week. The project, located about a mile from Knott’s Berry Farm, is expected to hold retail and office space, along with a hotel and an entertainment center for concerts, performances, conferences and other events. The Source is being developed by Lynwood-based M+D Properties, and it is slated for completion in fall 2014.
Santa Ana-based solid-state storage drive maker STEC Inc. took a $35 million charge in preparation of a settlement agreement regarding class-action lawsuits filed in 2010 for “alleged materially false and misleading statements and omissions regarding the sales, demand and competition for STEC’s products.” The move comes a few weeks after the SEC charged STEC Chief Executive Manouchehr Moshay-edi with violating insider trading laws. The developments are in connection with alleged activity by the company and Moshayedi in 2009, prior to a big stock sale. The class-action suits, which have yet to be settled, were filed two years before the federal agency took action.
June’s completion of Disney California Adventure’s $1.1 billion makeover has resulted in a surge of visitor traffic at the Anaheim theme park. California Adventure has accounted for nearly half of the Disneyland Resort’s daily attendance on most days since the Cars Land unveiling. That compares with 25% in the past. The new attractions have helped the Disneyland Resort mark a new attendance record for the June quarter, according to Burbank-based Walt Disney Co., which does not disclose specific attendance figures for its parks.
Freedom Communications’ new owner and Chief Executive Aaron Kushner will serve as publisher of the Orange County Register, overseeing the day-to-day operations of the Santa Ana daily newspaper. Kushner’s 2100 Trust completed its acquisition of Freedom Communications, the parent of the Orange County Register and other community papers, on July 25. Register Editor Ken Brusic had been serving as interim publisher since April and will continue his role as editor.
The parent company of Newport Beach-based upscale restaurant chain Fleming’s Prime Steakhouse & Wine Bar raised about $176 million in a slimmed-down initial public offering. Tampa, Fla.-based Bloomin’ Brands Inc.—which operates Outback Steakhouse, Fleming’s and two other restaurant chains—cut back the size of its IPO just before going public; it previously wanted to raise as much as $321 million. Shares in the company were up more than 10% in its first few days of trading. Fleming’s totals more than 60 restaurants in 28 states. Bloomin’ also owns a 50% stake in Newport Beach-based upscale Hawaiian fusion restaurant chain Roy’s, which totals 22 restaurants in eight states.
Carpinteria-based CKE Restaurants Inc. postponed a $200 million initial public offering, citing market conditions. CKE, which was originally based in Anaheim and continues to have sizable operations there, counts 3,263 company-owned and franchised Carl’s Jr. and Hardee’s fast-food burger restaurants.
ECONOMIC INDICATOR
UP: Area home prices, including distressed sales, increased by 0.1% in June from year-ago levels. Excluding distressed sales, prices increased by 1.4% in June from a year earlier, according to CoreLogic Inc.’s monthly Home Price Index.
