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Garment Industry Orange County

BUSINESS
July 21, 1999 | Robin Fields
Irvine sportswear maker Mossimo Inc. said it will pay $13 million to settle state and federal class-action lawsuits claiming it misled investors with falsely optimistic financial statements and progress reports. Company Chairman Mossimo Giannulli disputes the allegation that Mossimo deceived shareholders, but said the deal would remove uncertainty at a time when the clothier is trying to retrench. "It's been an absolute distraction," he said. "You never know what can happen in court.
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BUSINESS
July 8, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
St. John Knits Inc. changed hands Wednesday as the founding Gray family and a New York investment firm closed a deal to buy the upscale women's clothing company for $30 a share. St. John's stock ceased trading on the New York Stock Exchange on Wednesday. Shares closed Tuesday at $29.75, a three-month high. An affiliate of New York-based Vestar Capital Partners now owns 78% of the newly structured company, St. John Knits International Inc., while Chief Executive Robert E.
BUSINESS
July 2, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
St. John Knits Inc.'s buyers have kicked in $25 million more than expected and increased their bank debt after a sale of junk bonds to help finance the deal attracted insufficient interest amid fears of rising interest rates. "We ended up financing the deal at the worst possible time in the bond market," Jim Kelley, with New York-based Vestar Capital Partners, said Thursday. Vestar is buying the Irvine-based upscale women's clothing company with Chief Executive Robert E. Gray and his family.
BUSINESS
June 30, 1999 | Leslie Earnest
After a six-year absence from the market, Jimmy'Z surf wear will be reintroduced in August at an apparel-industry trade show. The brand, founded in the early 1980s by surfer Jim Ganzer, is now owned by Florida-based licensing company Trends Clothing Corp. The new Jimmy'Z line, which includes styles for men, women and children, will be designed at the company's Irvine office. Trends also makes clothing for Ocean Pacific, B.U.M. Equipment and Ecko Unlimited.
BUSINESS
June 29, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
St. John Knits Inc. shareholders agreed Monday to accept a $522-million buyout offer from the company's founders and a New York investment firm, capping off the upscale clothier's most tumultuous year since it went public six years ago. The $30-a-share offer from Chief Executive Robert E. Gray and his family and Vestar Capital Partners was approved by 91% of the 13.2 million shares that were voted Monday, said R. Brian Timmons, the Grays' attorney.
BUSINESS
June 29, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
Costa Mesa surf wear maker Toes on the Nose is venturing into new territory, moving to larger headquarters and launching both a national advertising campaign and a home furnishings line. At 12,000 square feet, the new site is more than twice the size of the company's former Irvine offices. The move reflects owner Richard Allred's expectation that the privately held company's sales will double this year to about $10 million.
BUSINESS
June 19, 1999 | Times Wire Services
Shares of Wet Seal Inc. went on a roller coaster ride Friday, tumbling 18% in early trading before rallying to move into plus territory for the day in heavy Nasdaq trading. The activity came a day after the Foothill Ranch operator of fashion stores for young women warned that second quarter earnings will be disappointing because of slower sales. The stock traded as low as $21.75 a share before bouncing back to close at $26.88, up 50 cents. Volume totaled 2.
BUSINESS
June 18, 1999 | LESLIE EARNEST, TIMES STAFF WRITER
Wet Seal Inc. warned Thursday that second-quarter profits could be flat because of a recent dip in sales. The Foothill Ranch-based retailer of young women's apparel said sales at stores open a year or more--a key measure of growth--are "down mid-single-digit" so far this quarter. It is not yet clear what effect the slower sales will have on the company's second quarter, ending July 31. But the company said earnings could be in line with year-ago results, which were 35 cents a share, or $4.
BUSINESS
June 11, 1999 | Leslie Earnest
Quiksilver Inc.'s stock has tumbled 17% in the two days since the Costa Mesa-based company announced impressive second-quarter financial results, including a 78.6% profit jump. The sportswear company issued a new release Thursday saying it is unaware of any events or developments that would account for the slumping price and heavy trading.
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