PacSun has officially filed for bankruptcy.
Earlier this week, rumors began to circulate that the retailer was struggling financially and now the talk has been confirmed. In a letter to their customers, PacSun CEO Gary Schoenfeld revealed that the company has filed for Chapter 11 protection. They are reportedly facing a debt of approximately $160 million after shares dropped 90 percent.
In light of this, PacSun’s board of directors approved a plan for reorganization that “provides a comprehensive roadmap for us to continue to execute our strategy and position us for long-term success.” So, if you’re a frequent shopper at the retailer – don’t worry, there’s still hope.
PacSun has assured customers that no changes will be felt on our side at this stage.