At a Glance: Ocean Pacific Sunwear Ltd.
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Corporate headquarters: Tustin
Officers: Jim Jenks, founder and chief executive officer; Michael G. Balmages, senior executive vice president and general counsel; Jess Meyers, chief financial officer.
Business: Licenser of active sportswear labels for adults, teen-agers and children
History:
1972 -- Company founded. First year’s sales are less than $50,000
1982 -- Company switches from manufacturing to licensing its brand names
1985 -- Ocean Pacific re-enters manufacturing, develops Newport Blue label; company purchases Jimmy’Z brand name
1989 -- Manufacturing is discontinued again; company begins to pay down its $25-million debt load
1992 -- Company files under Chapter 11 with $11 million in debt
Employees: 60
1991 sales: About $250 million worldwide
Secured creditors: Republic Factors, owed about $5 million; Wells Fargo Bank, owed $2 million Unsecured creditors: More than 50, owed a total of about $4 million.
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