PacSun Is Reportedly Preparing to File for Bankruptcy
No surprises here.
It’s no secret that Pacific Sunwear, better known as PacSun, has been struggling financially as of the past few years, but a new report by Bloomberg spells out just how dire the situation is for the fashion retailer. According to insider sources, PacSun is preparing to file for Chapter 11 bankruptcy as early as next week. Currently, the company is buoyed by a $60 million USD loan from private equity firm Golden Gate Capital, but it seems that its fate is all but sealed at this point. While the Anaheim, California-based retailer currently operates 613 stores as of last December, it has failed to post a profit since 2008 and its shares have dropped 90 percent in the past 12 months. Watch this space for any more news from the ailing mall brand.
