Briefs: Elephant Bar, MGA, Cherokee, NorthropTuesday, June 10, 2014
Elephant Bar Restaurant will close all four of its San Fernando Valley locations this week due to low traffic, resulting in the loss of up to 250 jobs.
The outlets in Burbank, Northridge, Simi Valley and Valencia will close by Thursday, said Leslie Liberatore, a spokeswoman for the La Mirada-based restaurant chain.
The company previously announced it was halting plans to open a Huntington Beach location this spring.
After the closures, the 34-year old dining chain will have 29 locations in California and six other states. Liberatore said the company will do its best to offer jobs to the laid-off workers at locations that need help.
Toy manufacturer MGA Entertainment Inc. on Tuesday named a former Walt Disney Co. executive as its president.
Anne Gates will oversee global business operations for the privately held Van Nuys company.
Prior to joining MGA, Gates was an executive vice president, chief financial officer and managing director at Disney Consumer Products in Burbank. She previously worked in London as the executive vice president and managing director at Disney Consumer Products, Europe.
“Having Anne Gates as president will allow me to innovate and work more closely with the MGAE team on a vision for an exciting future, while Anne handles the day-to-day operation of the business,” said MGA Chief Executive Isaac Larian, in a prepared statement.
Shares of Cherokee Inc. climbed 12 percent on Tuesday after the Sherman Oaks apparel licensor reported strong fiscal first quarter results.
The Sherman Oaks apparel brand licensor reported net income of $3.6 million (43 cents a share) for the quarter ended May 3, compared to $2.2 million (27 cents) in the same period a year earlier. Revenue increased 24 percent to $10 million.
An analyst had expected earnings of 25 cents, according to Thomson Financial Network.
Chief Executive Henry Stupp attributed the quarter’s gains to sales growth of its core Cherokee line and its Tony Hawk line acquired earlier this year.
Shares closed up $1.68 to $15.55 on the Nasdaq.
The Navigation Systems Division of Northrop Grumman Corp. received a $9 million contract to supply components used in a Korean space satellite program, the company announced Tuesday.
Navigation Systems, headquartered in Woodland Hills, will provide space inertial units that assist in the stabilization and attitude control of satellites for the Korea Aerospace Research Institute.
“The (space inertial units) has displayed unmatched reliability and proven high performance during countless space missions,” said Bob Mehltretter, vice president, Navigation and Positioning Systems, in a prepared statement.