PacSun Posts Q3 Results - Will Shut 175-200 Stores

Pacific Sunwear of California, Inc. announced the completion of extensive negotiations with landlords that will result in the closure of approximately 175-200 underperforming stores within the next 14 months.

The Company also announced the completion of a five-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a five-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive experience in the retail sector.

"The combination of these transactions greatly enhances our financial and operating position, and is another critical step forward as we work to re-establish PacSun as a leading specialty retailer across the U.S.," said Gary H. Schoenfeld, President and Chief Executive Officer.

"With the support from all of our major landlords, we can now focus on our targeted base of 550-600 better performing stores and our enhanced merchandising and marketing strategies for becoming the preferred destination among teens and young adults for great style and great brands."

For more details please visit : PacSun Posts Q3 Results - Will Shut 175-200 Stores @ Fibre2fashion

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