Manhattan Beach-based electric vehicle maker Fisker Inc. is closing down its headquarters and moving its employees to La Palma, according to a source familiar with the matter.
Fisker did not return a request for comment on the news, which was first reported by Business Insider.
Fisker and other local EV makers have had a tough time as of late. Fisker said in a recent SEC filing that it had concerns about being able to remain in business.
Meanwhile, Gardena-based Faraday Future Intelligent Electric Inc. averted being evicted from its headquarters earlier this year and Torrance-based Canoo Inc. has expressed concerns about being able to stay in business. Last week, Canoo abandoned plans to operate in Arkansas, according to local outlets.
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Oceanwide Plaza, a bankrupt downtown megaproject that has been in the news lately for its graffiti, is looking for a buyer.
Colliers and Hilco Real Estate announced last week that they would be handling the sale of the $1.2 billion mixed-use project, subject to bankruptcy court approval. The market value of the property is nearly $434 million, and it will cost roughly $865 million to complete, according to Colliers.
“Oceanwide Plaza is an important and iconic development, central to downtown Los Angeles and across from Crypto.com Arena. We are determined to run a disciplined and orderly process to identify the right developer to finish the project in time for the 2028 Summer Olympics,” said Mark Tarczynski, one of the Colliers agents tasked with the sale.
The project spans three towers and is designed to house a hotel, luxury condos, retail and private parks. Once completed, the project will encompass 1.5 million square feet.
Developer China Oceanwide has been looking for a buyer for more than a year since a potential purchaser fizzled out. Contractors for the project filed a bankruptcy petition against Oceanwide last February. The owners owe almost $400 million to creditors, according to Bloomberg.
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Iconic retailer Sam Ash Music Store is closing. The family-owned company has been in business for more than 100 years.
The music store has local outposts in Hollywood and Torrance.
“Thank you for allowing us to serve musicians like you for 100 years,” the company wrote in a post on its website.
It isn’t the only retailer going out of business. Last month Commerce-based 99 Cents Only Stores announced that it would be closing all of its stores, citing debt-related challenges and the costs of doing business when it filed for chapter 11 bankruptcy on April 7.
The Insider is compiled by Interim Editor Hannah Welk. She can be reached at [email protected].
