Ross, CVS Closures + Condemned House Sold For $700K: CA Business News

CALIFORNIA — From an increase in brick-and-mortar store closures to a 7-bed condemned house selling for under $1 million, a lot is going on in California business news this week.

This week, Sony Pictures became the first major Hollywood studio in 75 years to buy a movie theater chain. Auditors warned one Southern California city might lose up to $301 million as the state transitions away from crude oil production.

Check out the highlights of this week in California business news on Patch:

Store Closures Surge In CA: See List Of Retailers Shutting Doors
An increase in store closures over last year comes in part as the industry adjusts to a shift in consumer shopping to online outlets.

Condemned 7-Bed House Sold For $700K In San Jose
The colorful home that currently sits on the lot will have to be significantly overhauled or rebuilt.

Oil Revenue Decline Could Impact Essential Services In SoCal City

With the anticipated transition away from crude oil and natural gas production in California, Long Beach officials are projecting the city will have a decline in oil revenue up to $301 million by 2035.

Sony Pictures Buys Alamo Drafthouse Theater Chain

Sony Pictures Entertainment on Wednesday announced it has acquired Alamo Drafthouse Cinema, the nationwide chain of 35 movie theaters geared toward film buffs.

3 San Diego Companies Among Nation's Largest: Report

America's Finest City is home to three Fortune 500 companies.

More restaurant news:

• New Choices For Outdoor Summer Dining In Berkeley And Beyond
• Danville Restaurants Best Spots For Alfresco Dining: East Bay Times
• San Ramon Brewery Among Region's Best: East Bay Times
• New Alfresco Restaurants Tout Outdoor Summer Eats In The South Bay
• 2 New Alfresco Eateries For Summer Eats On The Peninsula
• 5 Father's Day Freebies: Drive-Thru Diary
• Popular Coffee Chain Announces 4th Location In OC
• Restaurants Care Grant Applications Open This Week For IE Eateries

More business news:

• Walmart Remodeling 18 CA Vision Centers This Year
• 76 New Construction Low Income Apartments
• $1 Family Movies Coming To Regal Theaters In Dublin This Summer
• SMC OKs $40M To Support 7 Affordable Housing Projects
• CA Counties With Most Affordable Home Prices: New Data
• 7 Vendors Now Open At Pico Marketplace In Santa Monica
• $1 Movies Coming To Regal Theaters In San Diego County
• 77 Low-Income Apartments Open On Temecula's West Side