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Business Closings

BUSINESS
October 18, 2008 | David Pierson and Tiffany Hsu, Times Staff Writers
After 59 years in business, the Mervyns department-store chain called it quits Friday -- promising a huge going-out-of-business sale just in time for the holidays. And there is plenty of competition for a close-out Christmas. Linens 'n Things Inc. began a liquidation sale Friday, and Shoe Pavilion Inc. starts one this weekend, according to firms that said they were hired to liquidate the stores. Already gone are the novelty retailer Sharper Image Corp.
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SPORTS
August 5, 2008 | Greg Johnson, Times Staff Writer
An online operation that has failed to deliver promised Beijing Games admission tickets to hundreds of consumers worldwide unexpectedly closed down Monday, hours before a federal judge in San Francisco approved a restraining order aimed at halting the websites. U.S. District Judge Jeffrey S. White's order prohibited Xclusive Leisure & Hospitality Ltd. from using more than a dozen website names, which include www.beijingticketing.com, www.beijingolympic2008tickets.com and olympic-tickets.net.
CALIFORNIA | LOCAL
August 3, 2008 | Esmeralda Bermudez, Times Staff Writer
In an era of Amazon.com and chain bookstores, where a good read is a click or neighborhood mall away, Melody Peck drove more than 100 miles from San Diego to downtown Long Beach to walk Friday among the dusty stacks at Acres of Books, her favorite bookstore, one last time. After 74 years in business, the independent bookstore giant with an inventory that topped 1 million volumes is closing down to make way for a redevelopment project.
BUSINESS
July 31, 2008 | Leslie Earnest, Times Staff Writer
For California shopping centers, this week's bankruptcy filing by the Mervyns department store chain threatens to become another big headache. Mall owners are already struggling with store closures, forcing them to keep a lid on rents or even reduce them in some cases, retail experts say. Now Mervyns says it will consider closing some locations, which would further weaken the retail rental market.
CALIFORNIA | LOCAL
July 28, 2008 | Dan Weikel
Unable to relocate after nearly 75 years in business, Acres of Books, the giant literature warehouse downtown, will sell its inventory and close to make way for an urban redevelopment project. "Store Closing" signs have been taped to storefront windows on Long Beach Boulevard, and owners Phil and Jackie Smith have begun discounting merchandise, reducing store hours and canceling music and arts events. Since notices were sent out, the store has been mobbed by loyal customers. The Smiths, who agreed in April to sell the property, said they could not find a location large enough in Southern California to hold their inventory, estimated at up to 1 million volumes.
BUSINESS
July 22, 2008 | From Times Staff and Wires
Midway Games Inc., the money-losing video game company controlled by Sumner Redstone, will close a development studio in Moorpark and combine the operations with Midway Home Entertainment in San Diego. Most of the Moorpark employees are being offered transfers, Chicago-based Midway said.
BUSINESS
July 22, 2008 | From the Associated Press
German software maker SAP said Monday that it would shut down TomorrowNow, a subsidiary that provided support for Oracle Corp. software and was accused of stealing information from Oracle. Bryan, Texas-based TomorrowNow was formed by former engineers at PeopleSoft Inc., with the idea of providing less expensive software support to PeopleSoft customers. SAP bought TomorrowNow in 2005, about the same time that Redwood City, Calif.-based Oracle completed its $11.1-billion purchase of PeopleSoft.
BUSINESS
July 10, 2008 | From Times Wire Services
Pier 1 Imports Inc., the biggest U.S. retailer of imported furniture, will close 20 to 25 stores before the end of the year to cut costs. The company also will eliminate excess distribution center space, it said in a regulatory filing. Costs from closing stores and terminating leases will be as much as $8 million. Fort Worth-based Pier 1 withdrew an offer last month to buy Cost Plus Inc., saying the price would be too high, and instead decided to focus on its own turnaround. The company has already closed 79 stores and sold its headquarters.
BUSINESS
July 1, 2008 | From the Associated Press
Chrysler said Monday that it would indefinitely close one Missouri plant and cut production at another because of slumping demand for pickup trucks and minivans. Executives said in a conference call that the automaker would shutter the St. Louis South plant, which makes minivans, effective Oct. 31. The St. Louis North plant, which makes full-size pickups, will be cut from two shifts to one effective Sept. 2. Auburn Hills, Mich.-based Chrysler said the moves would affect 2,400 jobs.
ENTERTAINMENT
June 21, 2008 | Agustin Gurza, Times Staff Writer
It was meant to be a magazine for "your city" -- Tu Ciudad. But in the end, the glossy lifestyle publication aimed at affluent, assimilated Latinos failed to find a home in the region's turbulent media landscape. After more than three years serving as a guide for the city's best mojitos, taco stands and cultural trendsetters, Tu Ciudad magazine abruptly shut down this week.
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