PacSun Closures - 12/8/2011

Pacific Sunwear to Close 200 Stores

Pacific Sunwear of California Inc. reported Wednesday that losses widened in the third quarter to $17.6 million, from $7.1 million a year earlier. The decline was due in large part to charges associated with store closures.

In a move to improve its position, the teen retailer also announced plans to close up to 200 underperforming stores over the next 14 months and said that it secured two multimillion-dollar loans.

PacSun received a $60 million loan from Golden Gate Capital for two board seats and the right to buy a 20% stake in the company. It has also secured a five-year, $100 million revolver from Wells Fargo to replace an existing line.

 

 

--Retailing Today (Read More Here)

 


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