Pacific Sunwear Files Chapter eleven Bankruptcy

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Source:   —  April 07, 2016, at 10:12 PM

The beach-life clothing store will continue to work below an agreement with its owner, the private equity firm Golden Gate Capital, which will get it private after it restructures.

Pacific Sunwear, after suffering its ninth consecutive year of losses, is filing for Chapter eleven bankruptcy protection.

The beach-life clothing store will continue to work below an agreement with its owner, the private equity firm Golden Gate Capital, which will get it private after it restructures.

Golden Gate will convert about two-thirds of PacSun'south debt into equity in the reorganized company and allow at minimum million in extra capital. The company also secured a five-year, $100 million line of credit from Wells Fargo.

The bankruptcy filing from Sunwear of CA Inc. comes just seven months after surfwear retailer Quicksilver — another omnipresent presence in malls during the one thousand nine hundred ninety — announced its Chapter eleven reorganization.

Shares, which once traded for around $30, fell to five cents Thursday.

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