Morton’s Steak House heir Harry Morton is expanding his Pink Taco restaurant chain into Los Angeles next month, with a plum spot in Century City shopping mall.
Morton cited Westfield’s expansion of the mall, the nearby office buildings, the proposed condos, and central location as the reason for his choice in a third location. Pink Taco LLC is based in West Hollywood.
“I think the lunch business is definitely going to be very strong because it’s an underserved area,” said Morton, who is also well known as a former flame of Lindsay Lohan. “Since we have a big bar, I think we’ll also have huge business at night. We’re very excited.”
Pink Taco is a Mexican restaurant with an extensive tequila menu and an irreverent attitude. The Century City location is 10,000 square feet on the top level and will feature fire pits, a rotating grill and fresh, handmade tortillas.
Morton’s first Pink Taco opened at the Hard Rock Hotel in Las Vegas, then owned by his father, Peter. His grandfather was Arnie J. Morton.
The taco concept took off, and Morton opened a second location in Scottsdale, Ariz. last year. The second Pink Taco was met with a firestorm of criticism because the name is objectionable to some women. Scottsdale Mayor Mary Manross took up a campaign against Morton and his restaurant, with little success. In fact, Morton believes the controversy gave him a boost.
“I thank Mayor Manross daily for all the free publicity she gave us,” Morton said.
As for his decision to pursue a restaurant business, like the Morton’s before him, Morton said it was inevitable.
“There’s sort of an organic process when you’re around something for so long, it becomes part of you,” he said. “I did what I could to not go into restaurants, but I wound up back in it anyway.”
Morton is also planning Pink Tacos for San Diego and Huntington Beach.
Adding Some Zip
A fledgling apparel company is hoping a veteran at the helm will add zip to its step on Wall Street.
Los Angeles-based People’s Liberation Inc. named former Tag-It Pacific Inc. boss Colin Dyne to its top executive spot last week. He will also serve as co-chairman of the board.
People’s Liberation owns and manufactures an eponymous denim and lifestyle apparel brand in addition to William Rast, the brand designed by Justin Timberlake and friend Trace Ayala. The Rast brand is a Southern-
inspired line with cheeky, vintage-style tees, velvet jackets, and high-end denim.
“I am very pleased to have Colin officially join our management team,” said former Chief Executive Danny Guez. “Colin has been a valuable contributor to our strategic development as a consultant and major shareholder. This elevation of Colin’s duties is an important step in our plan to grow the business and increase our market presence.”
Guez, whose father is Blue Holdings Inc. Chief Executive Paul Guez, founded the company in 2004. He will now focus on creative design and brand management, also serving as co-chairman. Guez cited Dyne’s experience in the apparel industry and running a company as key components of the People’s success.
Dyne has been assisting People’s Liberation in the shadows for some time. He left Tag-It, the zipper company he founded with his father, in October 2005, when the company had run heavily into debt and stock price was at its lowest. Tag-It has since swung to a profit under the leadership of new Chief Executive Stephen Forte, who closed plants in the U.S. and has expanded operations overseas.
Dyne did however, grow the company to $50 million in sales, and acquire the Talon zipper brand, one of the world’s-recognized zipper brands.
“I am excited about the opportunity to lead People’s Liberation and its brands through the next phase of growth and drive the company to profitability and increase shareholder value,” Dyne said. “The company has tremendous opportunities, both domestically and internationally and I look forward to helping make People’s Liberation a market leader.”
People’s Liberation went public through a reverse merger in November 2005 and is traded over the counter. The company has been dealing with cost and supply chain issues and stock price has ranged between $5 and 50 cents in the last year, closing at 80 cents Thursday.
In the first quarter of 2007, the company’s net loss deepened to $1 million, from $293,000 in the year-earlier period. Sales increased to $3.8 million, up 21 percent from $3.2 the year-earlier period. The company expects to swing to a profit in the second half of this year.
Staff reporter Emily Bryson York can be reached at (323) 549-5225, ext. 235, or at
[email protected]
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