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PacSun files for Chapter 11 bankruptcy protection, plans to go private
Source: Los Angeles Times
PacSun files for Chapter 11 bankruptcy protection, plans to go private
By Samantha Masunaga
APRIL 7, 2016, 11:00 AM
Beachy teen retailer Pacific Sunwear of California Inc. has filed for Chapter 11 bankruptcy protection, the latest in a string of California activewear companies that have struggled to adjust to changing fashion trends.
The company said Thursday it planned to reorganize through a debt-for-equity restructuring agreement with Golden Gate Capital, a San Francisco private equity firm.
PacSun said it would implement its reorganization plan through the Chapter 11 process and emerge as a privately owned company.
The Anaheim-based retailer said it plans to operate its businesses as usual during the Chapter 11 restructuring process and that the filing should have "no immediate impact" on customers or employees.
There are 593 PacSun stores across the U.S. and in Puerto Rico that employ about 2,000 full-time workers, according to the bankruptcy filing.
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By Samantha Masunaga
APRIL 7, 2016, 11:00 AM
Beachy teen retailer Pacific Sunwear of California Inc. has filed for Chapter 11 bankruptcy protection, the latest in a string of California activewear companies that have struggled to adjust to changing fashion trends.
The company said Thursday it planned to reorganize through a debt-for-equity restructuring agreement with Golden Gate Capital, a San Francisco private equity firm.
PacSun said it would implement its reorganization plan through the Chapter 11 process and emerge as a privately owned company.
The Anaheim-based retailer said it plans to operate its businesses as usual during the Chapter 11 restructuring process and that the filing should have "no immediate impact" on customers or employees.
There are 593 PacSun stores across the U.S. and in Puerto Rico that employ about 2,000 full-time workers, according to the bankruptcy filing.
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Read more: http://www.latimes.com/business/la-fi-pacsun-bankruptcy-20160407-story.html
