January 23, 1992 |
Ocean Pacific Sunwear Ltd., licensers and manufacturers of the nation's best-selling brands of surf wear, said Wednesday that it has agreed to sell the company to a West Coast investment group. Financial terms of the deal and the identity of the buyer were not disclosed. "We're pleased with the financial strength of the West Coast investor group and we think they have very solid plans about going forward with the company," said Mike Balmages, senior executive vice president.
June 9, 1992 |
Wells Fargo Bank, trying to recover more than $2 million that it is owed, has filed a lawsuit against Ocean Pacific Sunwear Ltd. and the partners who own the privately held surf-wear giant. And Elaine Ornitz, the partner holding the largest chunk of Tustin-based OP, has disclosed in court papers that the company lost money every year since 1988 while trying to cope with its large debt load.
April 21, 1993 |
Ocean Pacific Sunwear, once the undisputed king of the surf-wear industry, won bankruptcy court approval Tuesday to sell its remaining assets to Berkeley Capital Corp. in San Francisco for $17.1 million. In February, Berkeley agreed to pay $21 million in cash and notes for OP's trademarks and licenses. But the investment group lowered its bid after determining that OP's financial projections were "overly optimistic," according to recent bankruptcy court filings.
May 28, 1992 |
The nation's biggest name in surf wear, Ocean Pacific Sunwear Ltd., filed for Chapter 11 protection from creditors Wednesday, saying it was having trouble paying its long-term debt and needed to fend off a lawsuit from its largest shareholder. The Tustin-based company, a leading force in the so-called "California lifestyle apparel" market since the early 1980s, listed about $11 million in debts to two secured and scores of unsecured creditors in its petition filed in U.S.
February 2, 1990 |
Ocean Pacific, the nation's leading surfwear maker, said Thursday that it has agreed to sell its largest division, Jimmy'Z, to a group including that unit's management for an undisclosed amount. Ocean Pacific signed a letter of intent to sell the division to Jimmy'Z president Dennis Donsker, vice president of sales Don Wood, and two Jimmy'Z licensees, Diane Skilling and Norman Leftkovitz.
January 22, 1993 |
Ocean Pacific Sunwear Ltd., once the king of surf apparel, said Thursday that it will be acquired by a San Francisco investment group. OP, based in Irvine, agreed to be sold by June to Berkeley International Capital Corp., a San Francisco subsidiary of Britain's Govett & Co., a financial services firm. The deal would be worth about $21 million, according to papers being filed in U.S. Bankruptcy Court in Santa Ana, which has been overseeing OP's operations since May.
June 17, 1998 |
Ocean Pacific Apparel Corp., one of the oldest names in Southern California's surf wear industry, is about to get a new owner. Richard Baker, chief executive of Irvine-based Op, and Montreux Equity, a San Francisco venture capital firm, are in the final stages of a deal to buy Op from Berkeley International Capital Corp. Baker wouldn't disclose terms of the deal, but said in an interview that it will be completed by month's end.
October 18, 1989 |
Ocean Pacific, the nation's leading surf-wear maker, has quietly been put up for sale, a company official confirmed Tuesday. Tustin-based Ocean Pacific Sunwear Ltd. has hired Goldman Sachs & Co. in Los Angeles to find a potential buyer, according to Jim Jenks, OP's co-founder and vice president who holds about 27% of the privately owned company's stock. Jenks declined to disclose the selling price but indicated that industry estimates of $90 million are too high.
February 11, 1987 |
A year and a half ago, Ira Opper decided to produce a video documentary about the fabled Southern California surf culture, one that would consist of more than just action shots, sandy beaches and palm trees. "I wanted to chronicle the history of surfing in an entertaining and informative way by interviewing some of the biggest surfing heroes of all time," Opper said.
September 10, 1985 |
Ocean Pacific Sunwear Ltd. is about to join the jacket-and-tie set. With its sales and market share shrinking and its audience aging, the Tustin-based company that catapulted the California beachwear industry from obscurity to national prominence has invested more than $1 million in taking the lengthy leap from beachwear to California chic wear.