Telmar Network Technology Inc. announced on Tuesday that it has moved its headquarters from Irvine, California to Plano, Texas, consolidating some 150 workers there. Telmar sells new and used telecommunications gear and it has been in business for forty years now.

According to the company’s Chief Executive Steve Pickett, the relocation of headquarters to North Texas is a conscious move to be closer to its telecommunications manufacturers and service providers. However, Telmar is keeping its space near the Irvine’s Spectrum Center, but it is yet to be disclosed tthat how many workers were left there. (more…)

Costa Mesa-based Creel Printing of California Inc. on Tuesday announced that it is shutting down its local operations and moving to Las Vegas. As a part of ongoing improvement efforts, Creel Printing LLC is consolidating operations and transferring its California production equipment to Las Vegas. According to the company, the move centralizes manufacturing and enhances the organization’s capabilities.

“Today’s customers appreciate partners that are making the investments to stay on the cutting-edge, while keeping overhead costs in check,” said Allan G. Creel, President of Creel Printing LLC. “We continue to spearhead innovations while making the adjustments to remain value-added. Moving production to Las Vegas will reduce our cost structure and give customers access to expertise across our organization.” (more…)

Irvine-based Resources Connection, Inc. reported a loss of $6.3 million for the three months through May 30, versus a profit of $15.9 million of previous year. Reportedly, Wall Street analysts were expecting a profit of $1.8 million. Resources Connection is a multinational professional services firm that provides accountants, lawyers and other consultants to its clients through its operating subsidiary, Resources Global Professionals.

The company reported sales of $132 million for the said period, down 44 percent from a year earlier. Analysts expected sales of $143.6 million. Resources Connection’s shares were off 8 percent in afterhours trading on a market value of $790 million.
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The Nation’s Mortgage News reported that Irvine, California-based Arch Bay Capital LLC bought $600 million in mostly non-performing subprime loans from Colorado’s largest bank, Wells Fargo & Co. According to the industry publication, the sale took place last week and the loans were sold for $210 million or 35 cents on the dollar, about double what most hedge funds were offering.

Most of the subprime loans that Well Fargo sold were originally made by San Diego’s Accredited Home Lenders Holding Co. and NovaStar Financial. The former filed for bankruptcy protection in May this year and the latter got out of subprime lending. (more…)

Shares of Santa Ana-based STEC Inc. rose after the company announced a $28 million government contract. STEC is a leading global provider of Solid State technologies and solutions for corporate and industrial uses

Soon after the announcement investors sent shares up almost 14 percent at the close of New York trading on a recent market value of about $1.3 billion. STEC has partnered with a leading defense systems contractor to supply its MACH8 Solid State Drives (SSD) for the U.S. military. Reportedly, the 12-month long contract starts in the third quarter of 2009.
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Orange County-based Catholic hospital operator St. Joseph Health System is cutting 159 local jobs by mid-September. The system operates three hospitals which are likely to be affected by the job cut.

St. Joseph System’s job cuts will affect St. Joseph Hospital-Orange, St. Jude Medical Center in Fullerton and Mission Hospital in Mission Viejo, as well as St. Joseph’s headquarters in Orange County. The laid off workers will get severance pay, benefit assistance and continuation, and outplacement assistance.
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San Juan Capistrano-based Mammoth San Juan Capistrano I, LLC has filed for Chapter 11 bankruptcy in state court in Santa Ana. The filing reported that the company has between $10 million and $50 million in liabilities.

The bankrupt company is said to be the registered owner of the Mammoth Professional Office Park. It is a two-building, 105,745-square-foot office complex built during the commercial real estate boom on the hills overlooking the San Diego (I-5) Freeway. The project was built by developer Mammoth Equities LLC of Mission Viejo, which did not file for bankruptcy, in 2006.
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Declining in rents took a toll on Orange County’s office market in the second quarter as businesses continued to shed space at an alarming rate. Reportedly, the county’s office market totals about 107 million square feet of space, which saw rents falling 3 percent in the second quarter as compared to the first quarter.

Monthly rents for higher-end buildings are now average about $2.30 per square foot to $2.60 per square foot, which are off almost 15 percent from a year ago. Also, rents are down close to 18 percent from the 2008 peak of Orange County’s office market. (more…)

June was not a favorable month for the Foothill Ranch-based mall retailer Wet Seal Inc. On Thursday, the retailer said that it reported a drop of 11 percent in June sales at its stores. The decline in sales was worse than analysts were expecting. According to Wet Seal, the sales at its Wet Seal clothing stores for teen girls dropped 11.3 percent last month. Along, the sales at its smaller Arden B. chain for young women fell 10.3 percent. While, analysts expected an overall same-store sales decline of 9.1 percent.

June’s decline is the latest in the recent running string of lower monthly same-store sales for Wet Seal. “The retail environment remained very difficult in June, resulting in consolidated comparable store sales that were below our expectations,” said Chief Executive Ed Thomas at the retailer. He also said that the company’s Wet Seal chain faced heavily discount sales at other stores in malls where it has stores. The chain responded with its own price cuts. Wet Seal’s sales for the four weeks through July 4 totaled $51.6 million, down 9 percent from a year earlier. (more…)

San Clemente-based ICU Medical Inc., a medical device maker is all set to buy a critical care product line from its primary customer, Hospira Inc. for $35 million. The cash deal is expected to close during the current quarter.

ICU engages itself in making needleless connectors and other devices that are used to deliver intravenous fluid, as well as cancer drug delivery products. Its devices are designed to protect healthcare workers from needle sticks and other injuries. Lake Forest, III-based Hospira Inc. makes drugs and drug delivery devices. (more…)