FILING DELAY: American Apparel Inc. said that it would be late filing its year-end report with the Securities and Exchange Commission because the company needs to focus on more urgent issues and that its changing situation could affect the annual report. The L.A. clothing maker, which had 75 days to file after the end of its 2013 fiscal year, is working on a compliance plan, which was due last week, to retain its stock listing on the New York Stock Exchange. It also is working with advisers to restructure its debt and find other financing alternatives.
NEW OWNER: Vornado Realty Trust of Paramus, N.J., is selling Beverly Connection, a midprice retail shopping center across the street from upscale Beverly Center, to Ashkenazy Acquisition Corp. of New York for $260 million. Tenants at the 335,000-square-foot center at La Cienega and Beverly boulevards include Old Navy, Nordstrom Rack and Men’s Warehouse. Ashkenazy owns more than 100 retail, office and residential properties in the United States and Canada.
TO RETIRE: Al Jerome, longtime chief executive at public broadcaster KCET of Burbank, has announced that he will retire within six months. Jerome has led the station for 18 years. He made the decision in 2010 to end KCET’s programming arrangement with the Public Broadcasting Service – a rare move for a public TV station. In 2012, KCET merged with LinkTV, a Bay Area public TV satellite network, and is now known as KCETLink.
CONTRACT THREAT: Chinese automaker BYD might lose a $12 million contract to manufacture a fleet of electric buses for Long Beach Transit. The Shenzhen company, which has U.S. headquarters in downtown Los Angeles and a manufacturing plant in Lancaster, was told by federal transit officials that it was ineligible for the contract because it had failed to submit its goals for working with small businesses owned by members of minority or other disadvantaged groups. The company plans to appeal.
FRACKING FIGHT: The Carson City Council has unanimously approved a 45-day moratorium on new oil and gas drilling, largely due to concerns about hydraulic fracking. The moratorium blocks Occidental Petroleum Corp.’s plans to start drilling more than 200 new wells. The company initially said it planned to employ fracking, or the injection of water, sand and chemicals deep underground at high pressure to boost production. Even though Oxy said it had decided not to employ fracking, council members said the moratorium would give them time to consider additional regulations.
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