O.C. BUSINESS YEAR IN REVIEW
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The best and worst of O.C. business 2008
Sure, this year has been a challenge. But let's not forget the positive business-related news in our county.
We’ve witnessed a meltdown on Wall Street, bank seizures and buyouts, the rise and fall of gas prices and a drop in home values. But amid all these dark days, a few bright ones shine through: A new business school opens, O.C. companies commit to the green movement, one local community ranks as a Best Place to Live and hope fills the air. Here’s a look back at the best and worst for Orange County business in 2008.
JANUARY
Best
• Cal State Fullerton alum Steven Mihaylo donates $30 million to the new business school.
• Measure M delivers hundreds of transportation improvements.
• Volcom purchases sunglass manufacturer Electric Visual.
• Bank of America takes over Financial Corp.
• Mike Carona resigns as sheriff amid allegations of corruption.
Worst
• Another star leaves Orange County: Actor Nicolas Cage sells his Newport Beach home for $35 million.
• Bowers Museum is served a search warrant for allegedly holding stolen artifacts.
FEBRUARY
Best
• New home communities in Orange County are going green.
• The Irvine Co. donates $8.5 million to the Santa Ana-based nonprofit THINK Together.
Worst
• After 15 years with the company, Quiksilver president Bernard Mariette resigns.
MARCH
Best
• OC Family magazine, a sister publication of OC METRO, is named one of the nation’s best regional publications. The magazine received six awards at this year’s Parenting Publications of America conference, including the Bronze Award for General Excellence.
• Cox communications’ Orange County/Palos Verdes
system lands the No. 1 spot on the California’s Best Places to Work program by Employers Group.
Worst
• Costa Mesa-based Paul Frank strikes a licensing deal with Creata, a brand management firm that works with McDonald’s, Coca-Cola, Kellogg’s and Nestle. The company announces plans to lay off 90 employees.
• After four years of legal battles with eBay, Perfume Bay changes its name to Beauty Encounter. Jacquelyn Tran, CEO, fought with eBay over trademark issues and had to change its Internet address to prevent customer confusion.
• Aloha Airlines files for bankruptcy, ending 61 years of service to Hawaii and Orange County’s only nonstop flights to the islands.
APRIL
Best
• Goodwill of Orange County opens its newest store in Anaheim, bringing the number of shops in the nonprofit’s chain to 20. The new store will help provide much-needed funding for the agency’s programs.
• Sole Technology – parent company of etnies, eS, Emerica, ThirtyTwo and Altamont apparel – plans to go carbon-neutral by 2020, and the company hopes to recycle 70 percent of its internal waste by 2010.
• Quiksilver wins its case against Los Angeles-based Kymsta Corp. over the Roxy trademark.
Worst
• Broadcom pays $12 million in SEC charges.
MAY
Best
• Kaiser Permanente O.C. opens a new medical center in Irvine that could be the greenest hospital in Southern California – perhaps even the nation.
Worst
• Henry Samueli, Broadcom co-founder and Anaheim Ducks owner, resigns his post as chairman of the board amid SEC allegations that he, Henry T. Nicholas III and two other key executives fraudulently backdated stock options.
• American Airlines begins charging travelers for checking one suitcase.
JUNE
Best
• Sandra Hutchens is named O.C.’s first female sheriff.
• Power Honda in Costa Mesa introduces a hydrogen-powered car.
• Anaheim GardenWalk, a shopping center with more than 40 stores and restaurants, opens.
• Comerica Bank donates $50,000 to the nonprofit Girls Inc.
• STRIKE comes to O.C. The classy bowling alley offers 30 glow-in-the-dark lanes, a 5,000-square-foot sports bar, traditional and gourmet menu items, and a huge video wall.
Worst
• Jaguar, Land Rover, Mercedes-Benz and Volvo leave O.C.
• O.C. Register’s copyediting is outsourced to a firm in India.
• Henry Samueli admits lying to the SEC about his role in backdating stock options.
• Experts say O.C.’s recovery from the mortgage crisis may not come for three to four years.
• Local produce growers are hit by a salmonella outbreak.
JULY
Best
• Broadcom profits jump.
• 13 O.C. companies make Hispanic Business magazine’s 500 list.
• Money magazine names Irvine the fourth-best place to live in the U.S.
• O’Neill opens its first flagship store at Anaheim’s GardenWalk.
• The cell-phone hands-free law goes into effect in California.
Worst
• UC service workers go on strike.
• The cell-phone hands-free law exempts text messaging.
• IndyMac customers race to local branches to withdraw their money after the bank is seized by regulators.
AUGUST
Best
• American Honda Motor Co. presents its Premier Partner Award to the Honda Center and the Anaheim Ducks.
• Anaheim White House Restaurant owner Bruno Serrato gets a star on Anaheim’s Walk of Stars.
• More than 35 athletes from Orange County compete in the 2008 Olympic Games in Beijing.
• Valeant Pharmaceuticals teams up with GlaxoSmithKline to develop and market a new epilepsy drug.
• Inc. magazine ranks Vizio as No. 1 in the Fastest Growing Computer and Electronics Company category.
Worst
• Gas prices continue to rise.
• PacSun sells its Anaheim warehouse for $35 million to Panatonni.
• Tustin Hospital and Medical Center allegedly finds homeless people from Los Angeles’ Skid Row to fill beds. Reports say the homeless were given $30 and a fake diagnosis, and Medicare and Medi-Cal were billed for unnecessary treatment.
SEPTEMBER
Best
• UC Irvine’s School of Medicine finishes construction on time and under budget.
• Angels win the Western Division – the fourth time since 2002. And Angels Pres. Dennis Kuhl announces a need to assess the condition of the stadium – the fourth-oldest in the Major League.
• Forbes 400 list names O.C. moneymakers. At No. 20: Irvine Co. Chairman Donald Bren. With $12 billion, he’s the richest real estate owner in the U.S. Jim Jannard, founder of Foothill Ranch-based Oakley, made the list with $3 billion. Others on the list: David Sun and John Tu, owners of Kingston Technology; Bill Gross of Pacific Investment Management Co.; George Argyros, a successful real estate owner; Henry Nicholas and Henry Samueli, Broadcom Corp.’s co-founders; and Igor Olenicoff, president of Olen Properties Corp.
• The first-ever Style Week Orange County is a hit. Expect it again next year.
• The “Save Trestles” hearing for the 241 Toll Road takes place. A decision on whether the plan to extend the highway all the way to the 5 Freeway in San Clemente is expected in January.
Worst
• For the first time in 16 years, The Irvine Co. lays off 100 employees.
• Lehman Brothers files for bankruptcy. One of the largest investment firms in the world, Lehman is involved in the subprime mortgage market, which originated in Orange County.
• Considered the “biggest bank failure in U.S. history” by CNN Money, Washington Mutual is purchased by JP Morgan for $1.9 billion.
• O.C. reports 30,000 job losses since September of last year.
OCTOBER
Best
• Cal State Fullerton’s new Mihaylo College of Business and Economics opens.
• Gas prices drop below $3.
• UC Irvine raises $405 million toward its $1 billion goal for the Shaping the Future Campaign.
• Fountain Valley-based Bodega is named No. 2 on a National Geographic Traveler list for World’s Best Chocolatier.
Worst
• KDOC cancels DayBreak OC, and KFWB radio closes its Orange County bureau.
• O.C. home values fall 27.9 percent from a year ago.
• The stock market melts down, setting off a global financial crisis
• The O.C. Register cuts 110 jobs.
NOVEMBER
Best
• The Resort at Pelican Hill opens.
• Costa Mesa-based Pacific Mercantile Bancorp buys $2 million of its shares to improve its stock price.
• Barack Obama is elected the 44th president of the United States and is the country’s first black president.
• Proposition 8 passes in California.
• Foothill Ranch-based Wet Seal announces plans to launch an apparel and accessories line by “American Idol” winner Jordin Sparks.
• Jack’s Surfboards opens a store – its sixth – at Oak Creek Village Center in Irvine.
Worst
• John McCain is not elected president, and some wonder what impact Obama’s presidency will have on business.
• The automobile industry, including Irvine-based Mazda and Brea-based American Suzuki, shows a decline in sales.
• Proposition 8 passes in California.
• Circuit City files for Chapter 11 bankruptcy protection. One store in O.C. closes.
• Gov. Arnold Schwarzenegger suggests increasing the state retail tax to help get California out of its financial mess. Some voice concern that the move could further tamp down consumer spending.
• The last Diedrich Coffee shop closes in Irvine. Another retail icon gone.
DECEMBER
Best
• We’ve made it through a tough year, and while the recession won’t likely end anytime soon, Orange County financial expert Shannon Eusey shares her optimism with this advice: “Now is not the time to panic. … The markets always pay off.”
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We’ve witnessed a meltdown on Wall Street, bank seizures and buyouts, the rise and fall of gas prices and a drop in home values. But amid all these dark days, a few bright ones shine through: A new business school opens, O.C. companies commit to the green movement, one local community ranks as a Best Place to Live and hope fills the air. Here’s a look back at the best and worst for Orange County business in 2008.JANUARY Best • Cal State Fullerton alum Steven Mihaylo donates $30 million to the new business school. • Measure M delivers hundreds of transportation improvements. • Volcom purchases sunglass manufacturer Electric Visual. • Bank of America takes over Financial Corp. • Mike Carona resigns as sheriff amid allegations of corruption. Worst • Another star leaves Orange County: Actor Nicolas Cage sells his Newport Beach home for $35 million. • Bowers Museum is served a search warrant for allegedly holding stolen artifacts. FEBRUARYBest • New home communities in Orange County are going green. • The Irvine Co. donates $8.5 million to the Santa Ana-based nonprofit THINK Together. Worst • After 15 years with the company, Quiksilver president Bernard Mariette resigns. MARCH Best • OC Family magazine, a sister publication of OC METRO, is named one of the nation’s best regional publications. The magazine received six awards at this year’s Parenting Publications of America conference, including the Bronze Award for General Excellence. • Cox communications’ Orange County/Palos Verdes system lands the No. 1 spot on the California’s Best Places to Work program by Employers Group. Worst• Costa Mesa-based Paul Frank strikes a licensing deal with Creata, a brand management firm that works with McDonald’s, Coca-Cola, Kellogg’s and Nestle. The company announces plans to lay off 90 employees. • After four years of legal battles with eBay, Perfume Bay changes its name to Beauty Encounter. Jacquelyn Tran, CEO, fought with eBay over trademark issues and had to change its Internet address to prevent customer confusion. • Aloha Airlines files for bankruptcy, ending 61 years of service to Hawaii and Orange County’s only nonstop flights to the islands. APRILBest • Goodwill of Orange County opens its newest store in Anaheim, bringing the number of shops in the nonprofit’s chain to 20. The new store will help provide much-needed funding for the agency’s programs. • Sole Technology – parent company of etnies, eS, Emerica, ThirtyTwo and Altamont apparel – plans to go carbon-neutral by 2020, and the company hopes to recycle 70 percent of its internal waste by 2010. • Quiksilver wins its case against Los Angeles-based Kymsta Corp. over the Roxy trademark. Worst • Broadcom pays $12 million in SEC charges. MAYBest • Kaiser Permanente O.C. opens a new medical center in Irvine that could be the greenest hospital in Southern California – perhaps even the nation. Worst • Henry Samueli, Broadcom co-founder and Anaheim Ducks owner, resigns his post as chairman of the board amid SEC allegations that he, Henry T. Nicholas III and two other key executives fraudulently backdated stock options. • American Airlines begins charging travelers for checking one suitcase. JUNE Best • Sandra Hutchens is named O.C.’s first female sheriff. • Power Honda in Costa Mesa introduces a hydrogen-powered car. • Anaheim GardenWalk, a shopping center with more than 40 stores and restaurants, opens. • Comerica Bank donates $50,000 to the nonprofit Girls Inc. • STRIKE comes to O.C. The classy bowling alley offers 30 glow-in-the-dark lanes, a 5,000-square-foot sports bar, traditional and gourmet menu items, and a huge video wall. Worst • Jaguar, Land Rover, Mercedes-Benz and Volvo leave O.C. • O.C. Register’s copyediting is outsourced to a firm in India. • Henry Samueli admits lying to the SEC about his role in backdating stock options. • Experts say O.C.’s recovery from the mortgage crisis may not come for three to four years. • Local produce growers are hit by a salmonella outbreak. JULYBest • Broadcom profits jump. • 13 O.C. companies make Hispanic Business magazine’s 500 list. • Money magazine names Irvine the fourth-best place to live in the U.S. • O’Neill opens its first flagship store at Anaheim’s GardenWalk. • The cell-phone hands-free law goes into effect in California. Worst • UC service workers go on strike. • The cell-phone hands-free law exempts text messaging. • IndyMac customers race to local branches to withdraw their money after the bank is seized by regulators. AUGUSTBest • American Honda Motor Co. presents its Premier Partner Award to the Honda Center and the Anaheim Ducks. • Anaheim White House Restaurant owner Bruno Serrato gets a star on Anaheim’s Walk of Stars. • More than 35 athletes from Orange County compete in the 2008 Olympic Games in Beijing. • Valeant Pharmaceuticals teams up with GlaxoSmithKline to develop and market a new epilepsy drug. • Inc. magazine ranks Vizio as No. 1 in the Fastest Growing Computer and Electronics Company category. Worst • Gas prices continue to rise. • PacSun sells its Anaheim warehouse for $35 million to Panatonni. • Tustin Hospital and Medical Center allegedly finds homeless people from Los Angeles’ Skid Row to fill beds. Reports say the homeless were given $30 and a fake diagnosis, and Medicare and Medi-Cal were billed for unnecessary treatment. SEPTEMBERBest • UC Irvine’s School of Medicine finishes construction on time and under budget. • Angels win the Western Division – the fourth time since 2002. And Angels Pres. Dennis Kuhl announces a need to assess the condition of the stadium – the fourth-oldest in the Major League. • Forbes 400 list names O.C. moneymakers. At No. 20: Irvine Co. Chairman Donald Bren. With $12 billion, he’s the richest real estate owner in the U.S. Jim Jannard, founder of Foothill Ranch-based Oakley, made the list with $3 billion. Others on the list: David Sun and John Tu, owners of Kingston Technology; Bill Gross of Pacific Investment Management Co.; George Argyros, a successful real estate owner; Henry Nicholas and Henry Samueli, Broadcom Corp.’s co-founders; and Igor Olenicoff, president of Olen Properties Corp. • The first-ever Style Week Orange County is a hit. Expect it again next year. • The “Save Trestles” hearing for the 241 Toll Road takes place. A decision on whether the plan to extend the highway all the way to the 5 Freeway in San Clemente is expected in January. Worst • For the first time in 16 years, The Irvine Co. lays off 100 employees. • Lehman Brothers files for bankruptcy. One of the largest investment firms in the world, Lehman is involved in the subprime mortgage market, which originated in Orange County. • Considered the “biggest bank failure in U.S. history” by CNN Money, Washington Mutual is purchased by JP Morgan for $1.9 billion. • O.C. reports 30,000 job losses since September of last year. OCTOBER Best • Cal State Fullerton’s new Mihaylo College of Business and Economics opens. • Gas prices drop below $3. • UC Irvine raises $405 million toward its $1 billion goal for the Shaping the Future Campaign. • Fountain Valley-based Bodega is named No. 2 on a National Geographic Traveler list for World’s Best Chocolatier. Worst• KDOC cancels DayBreak OC, and KFWB radio closes its Orange County bureau. • O.C. home values fall 27.9 percent from a year ago. • The stock market melts down, setting off a global financial crisis • The O.C. Register cuts 110 jobs. NOVEMBERBest • The Resort at Pelican Hill opens. • Costa Mesa-based Pacific Mercantile Bancorp buys $2 million of its shares to improve its stock price. • Barack Obama is elected the 44th president of the United States and is the country’s first black president. • Proposition 8 passes in California. • Foothill Ranch-based Wet Seal announces plans to launch an apparel and accessories line by “American Idol” winner Jordin Sparks. • Jack’s Surfboards opens a store – its sixth – at Oak Creek Village Center in Irvine. Worst • John McCain is not elected president, and some wonder what impact Obama’s presidency will have on business. • The automobile industry, including Irvine-based Mazda and Brea-based American Suzuki, shows a decline in sales. • Proposition 8 passes in California. • Circuit City files for Chapter 11 bankruptcy protection. One store in O.C. closes. • Gov. Arnold Schwarzenegger suggests increasing the state retail tax to help get California out of its financial mess. Some voice concern that the move could further tamp down consumer spending. • The last Diedrich Coffee shop closes in Irvine. Another retail icon gone. DECEMBER Best • We’ve made it through a tough year, and while the recession won’t likely end anytime soon, Orange County financial expert Shannon Eusey shares her optimism with this advice: “Now is not the time to panic. … The markets always pay off.” |
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