According to a Bloomberg report, the California-based retailer PacSun could be preparing to file chapter 11 bankruptcy as early as next week. With decreasing sales over the past year, a 90% drop in their stock price, and $160 million debt, the store could finally throw in the white towel and file for bankruptcy to stay afloat. If the filing does occur, PacSun will follow the footsteps of Quicksilver, American Apparel, and Karmaloop.
PacSun recently attempted to step outside the box by trying to become more than just a "Mall Store" by introducing collections with Fear of God, Kylie Jenner, Been Trill, and bringing exclusive Yeezus merch, but that approach hasn't seem to help the retailer get back on track. The brand has also hired officials to assist them with turning the finances around. With over 600+ stores located over the US, there would definitely have to be some consolidation and restructuring.
Stay tuned with SneakerShouts as more information surfaces.
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