The bankruptcy rumor mill has been turning yet again, with a new report in the wind that says Pacific Sunwear — commonly known as PacSun — is preparing a Chapter 11 filing.
The casual California-style clothing retailer and mall staple has not been doing so hot lately, and is getting ready to file for bankruptcy, Bloomberg reports, citing sources with knowledge of the situation.
Bankruptcy proceedings could be set into motion as early as next week, one of the insiders said, but everything is still up in the air.
PacSun’s struggles echo the lackluster sales reported by fellow clothing retailers American Apparel and Quiksilver, both of which wound up in bankruptcy court in 2015.
Shares of the California company have dropped by 90% in the last 12 months, Bloomberg notes, with reported losses every year since 2008.
Pacific Sunwear Said to Prepare Chapter 11 Bankruptcy Filing [Bloomberg]
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