NEW YORK (WSVN) — Pacific Sunwear of California Inc., marketed as "PacSun," will be filing for bankruptcy following years of hardship, according to a Bloomberg report.
One of the sources, who asked not to be identified, said the struggling surfwear chain will be filing for bankruptcy as soon as next week. According to PacSun’s records, the company’s shares have plunged about 90 percent in the past year.
According to the report, a Golden Gate Capital affiliate gave PacSun a $60 million senior secured term loan in order to help sway the company’s potential bankruptcy.
On Tuesday, shares of PacSun in New York fell 78 percent to only 8 cents.