Other items of interest Orange County Business Journal
APPAREL
Clothing maker Sullen Clothing Inc. will move its headquarters from Huntington Beach to Los Alamitos, where it has signed a lease deal that doubles its space. The move had been expected after company co-owner Jeremy Hanna told the Business Journal in the summer that the company was looking for larger space to accommodate growth stemming from recent sales increases. The Business Journal estimates Sullen saw sales of about $5 million last year.
REAL ESTATE
The Roman Catholic Diocese of Orange increased its bid for the 40-acre Crystal Cathedral campus in Garden Grove by $1.8 million, bringing its offer to $55.4 million. Crystal Cathedral Ministries is bankrupt, and the sale is expected as part of its reorganization plan. The bankruptcy court has allowed the ministry to pick its preferred bidder—subject to certain conditions and the court’s approval—because the sale is expected to bring enough money to satisfy all creditors. The ministry recently selected a $51.5 million offer by Chapman University in Orange. Chapman’s bid includes the possibility of the ministry leasing, and buying back the campus in several years. The original bid by the diocese required Crystal Cathedral Ministries to find a new location within three years. It has offered to reconsider terms with its latest offer. The bankruptcy court is expected to consider the bids and could make a decision on the sale this week (see related Editor’s Notebook, page 71).
HOTELS
Bob Alter announced plans to retire as executive chairman and founder of Aliso Viejo-based hotel owner Sunstone Hotel Investors Inc. He will keep a seat on the board until the company’s annual meeting in May, and retain the title of chairman emeritus afterward. The company named board member Keith Locker chairman.
LAW
William M. Crosby, partner in the Irvine firm Barnes, Crosby, FitzGerald & Zeman LLP, will be honored as the recipient of Orange County Trial Lawyer’s Association’s “Top Gun” award in business litigation on November 19. He was recently inducted into the College of Labor and Employment Lawyers at a meeting of the Section of Labor and Employment of the American Bar Association in Seattle.
RETAIL
Garden Grove-based Linder’s Furniture has hired a liquidator for the chain, which has 10 stores in Southern California, according to a report in trade publication Furniture Today. A statement from Linder’s said the chain has “entered into an assignment for the benefit of creditors (ABC), an alternative to bankruptcy.”
TECHNOLOGY
Aliso Viejo-based chipmaker Microsemi Corp. expects to miss Wall Street’s expectations on profits in the current quarter, due in part to concerns about its operations in Thailand, which has been hard hit by flooding. Microsemi is one of several Orange County companies with significant operations in Thailand.
TRANSPORTATION
The Orange County Board of Supervisors approved an incentive program for service to Mexico from John Wayne Airport. The approval comes as the airport is set to open its new Terminal C this week. The incentive program promises a $300,000 rent credit for airlines that commit to nonstop routes to Mexico averaging five flights weekly during the first year of operations. The credit could cover a significant portion of costs associated with such service. Up to three separate airlines could qualify for discounts. The new terminal includes space for U.S. Customs and Border Protection operations, a necessity for service to Mexico and most international destinations. Terminal C is the last phase of a $543 million airport improvement project that will help JWA accommodate as many as 10.8 million passengers annually.
ECONOMIC INDICATORS
UP: The number of patents expected to be issued to companies and individuals in Irvine this year, according to the OCPatentLawyer blog by local attorney James Yang. He projects 1,654 patents this year, up about 15% from 2010. Chipmaker Broadcom Corp. will account for more than half, and most of the rest will go to other businesses. An estimated 3% will be issued to individuals. Santa Ana is expected to see the next-highest total, at 118, according to Yang.
