PACSUN TO FILE FOR BANKRUPTCY 05.04.16
ASB Magazine. According to a story on the Orange County Business Register, PacSun is preparing to file for bankruptcy next week. The Anaheim-based teen apparel and accessories retailer didn’t file its fourth quarter financials in March as anticipated. The 611-store chain in December posted an operating loss of about US$12.5 million on $568 million in sales over the first nine months of its fiscal year, and its stock price—currently trading at about 9 cents—has fallen about 90% over the past 12 months. The company’s market value is about $7 million.