Why Did Pacsun Close?

Also to know is, why did PacSun close? PacSun emerges from bankruptcy protection The company was able to cut its debt, close its weakest stores, and force its beleaguered landlords to lower its rent in many cases.

Is the PacSun store going to be closed?

Though PacSun's stockholders certainly aren't happy, fans of the store can rest assured that at least for now, PacSun isn't going away. In fact, a letter released today by the retailer's CEO, Gary H. Schoenfeld, states, "During this process, we intend to operate business as usual with no plans at this time to close any stores."

How did PacSun get into a financial crisis?

As for how it got into this precarious financial situation in the first place, the company states, "PacSun will use Chapter 11 to address two structural issues—very high occupancy costs and maturing debt. The high occupancy costs resulted from rapid store growth during the high rent period prior to 2008."

Is it true that PacSun is filing for bankruptcy?

Your 16-year-old self's favorite Cali-based retailer is reportedly filing for bankruptcy. Two days ago, reports circulated indicating Pacific Sunwear, better known as PacSun, is set to file for Chapter 11 bankruptcy.

Who are the founders of the company PacSun?

This was the company's third time filing bankruptcy. Initially founded by Jack Hopkins and Tom Moore in September 1982, its roots can be traced back to a small surf shop in Seal Beach, CA. PacSun built its business selling merchandise from established surf brands but later expanded to include skate and street wear labels.

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