PCC Gets Robbery Claim Payment

PCC Group Inc. said Thursday that it has received a $2.45-million insurance payment to cover losses from an armed robbery at its Brea computer parts manufacturing plant 15 months ago.

Computer chips worth about $2.2 million were taken in the February, 1993, robbery. The company later linked the robbery to a 70% drop in earnings for the quarter ended Dec. 31, 1993. The company was unable to replace the stolen merchandise on a timely basis and was forced to cut back operations and close six branches.

“The robbery and insurance claim process have been a nightmare,” said Jack Wen, PCC’s president. “Notwithstanding the seriousness of this setback, we firmly believe that the company will once again thrive while pursuing new directions.”

PCC used the payment to pay off a loan. The payment was part of a settlement ending a lawsuit that PCC had filed against its insurance companies last August. The lawsuit also included a $900,000 business loss claim.