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Saturday, Aug 13, 2022

News of the Week

PALLADIUM SALE: The landmark Hollywood Palladium and its 90,000-square-foot parking lot are being listed by an unidentified investment group, according to the Hollywood Reporter. The property is being marketed as a development opportunity, meaning a hotel or office. But the theater is not expected to be demolished. The Palladium received a thorough renovation after it was purchased by Commonfund Realty Investors and Newport Capital Advisors for $68 million in 2007. The venue reopened in October 2008 with a concert by Jay-Z.

MANSION SALE: Siqiao Ning and his wife, Karen, entrepreneurs based in China, paid $34.5 million for a 36,000-square-foot house that sits on two acres and overlooks Sunset Boulevard, according to the Wall Street Journal. The property was built by developer Fred Wehba and came on the market two years ago at $68.5 million. Chinese purchases of pricey Southern California real estate have become more commonplace in the last few years. The Chinese are the second largest foreign buyers of homes, behind Canadians.

LAYOFFS HAPPEN: Supermarket chain Albertsons said that it will reduce its work force by about 2,200 to 2,500 positions across its 247 locations in California and Nevada. The Fullerton subsidiary of Eden Prairie, Minn.-based Supervalu Inc. did not say how many workers in Los Angeles County would be affected by the layoffs, but the chain has about 60 locations here according to its website. “While Albertsons’ commitment to the neighborhoods it serves remains the same, the need for change at the company is clear,” the company said in a statement. “Albertsons has not kept pace with the changing needs of its customers for a number of reasons.”

ENGINEERING BUY: Tetra Tech Inc. has acquired Rooney Engineering Inc., a Denver-area oil and gas pipeline planning and engineering firm, for an undisclosed amount. The Pasadena engineering and technical services company said that Rooney has clients from Alaska to the Gulf Coast, but many of its projects are in the shale oil formations of North Dakota and the Northern Plains region. The firm has annual revenue of about $30 million and will become part of Tetra Tech’s Technical Support Services unit.

HOTEL SETTLES: The Hilton Los Angeles Airport Hotel has agreed to pay its workers $2.5 million to settle a class-action lawsuit over alleged failure to fully pay workers and give them adequate meal and rest breaks. The settlement was announced by Unite Here Local 11, which supported the lawsuit. The suit was filed in 2008 by several hourly workers on behalf of 1,200 employees who worked at the hotel from 2004 through 2011. The local has been attempting to unionize the Hilton work force and other Los Angeles International Airport-area hotels.

TWO EXITS: Brentwood Associates has completed the sales of Filson Holdings Inc., a maker of premium outdoor apparel and accessories, and Array Marketing Group, a maker of retail merchandising systems. The Brentwood private-equity investment firm did not disclose terms of the deals. Filson of Seattle was sold to Dallas’ Bedrock Manufacturing Co. Toronto’s Array was sold to Toronto investment firm TorQuest Partners, in partnership Array’s management team.

GAME DEAL: THQ Inc. and partner Zuffa LLC, which owns and operates the Ultimate Fighting Championship franchise, said that they have agreed to transfer licensing rights to publish videogames based on the mixed martial arts franchise to rival publisher Electronic Arts Inc. THQ in Agoura Hills, which has been closing studios and laying off workers in an effort to refocus its business, said it would continue publishing existing UFC console and mobile titles through the end of March, although Electronic Arts of Redwood City will take over the rights to develop games immediately. THQ will receive a cash payment, but other terms of the deal were not disclosed. Zuffa of Las Vegas produces more than 12 UFC live pay-per-view events each year and franchises the property in a variety of media.

BANK DEAL: Manhattan Bancorp completed its stock acquisition of Professional Business Bank. The deal, first announced in November, merges two banks with combined assets of more than $406 million. Manhattan Bancorp, the El Segundo parent of Bank of Manhattan, is the surviving holding company, with shareholders of Pasadena’s CGB Holdings, Professional Business Bank’s holding company, owning more than half of the combined entity. Irvine investment banker and consultant Ed Carpenter’s Carpenter & Co. had a significant stake in both companies. Professional Business Bank shareholders received 1.79 shares of Manhattan Bancorp common stock for each share of Professional Business Bank they owned.

MOVIE MAN: Walt Disney Co. has named Alan Horn, most recently president and chief operating officer at Warner Bros. Entertainment, chairman of Walt Disney Studios. Horn, who was with Warner Bros. for 12 years before leaving last year, will oversee worldwide operations for the Burbank entertainment giant’s motion picture unit, including production, distribution and marketing for Disney, Pixar and Marvel live-action and animated films. He also will oversee marketing and distribution for DreamWorks Studios films released under Touchstone Pictures. Disney’s music and theatrical divisions also will report to Horn.

MALL REMODEL: The Beverly Center will get an overhaul designed by Rome-based firm Studio Fuksas, according to Architect’s Newspaper. The Beverly Center, which is owned by the Taubman Group of Bloomfield Hills, Mich., the nation’s largest shopping center operator, is an eight-story complex that was built in the 1980s. Studio Fuksas has worked on shopping malls all over the world, including the MyZeil center in Frankfurt, Germany. Plans for the Beverly Center were not disclosed.

EARNINGS: UTi Worldwide Inc. reported net income of $12.9 million for the quarter ended April 30, compared with $8.7 million in the same period a year earlier. Revenue fell 4 percent to $1.15 billion.


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