Apr
07
Pacific Sunwear Files for Bankruptcy
By
Inside a Pacific Sunwear store in 2001. The company’s rapid growth in stores in the years leading up to the 2008 financial crisis has since weighed on its bottom line. CreditPhil Marino for The New York Times
Pacific Sunwear of California, which thrived in the 1990s and early 2000s as the purveyor of skate-and-surf cool, filed for bankruptcy protection on Thursday.
Under a debt-for-equity restructuring agreement, the company plans to be taken private by Golden Gate Capital.
Under the deal, Pacific Sunwear, also known as PacSun, will convert more than 65 percent of its debt into equity and receive at least $20 million in new capital from the private equity firm Golden Gate, the retailer said in a statement…
Pacific Sunwear Files for Bankruptcy
