pacsun
in the tables above, the pacsun reportable segment includes operations of pacsun stores, pacsun outlet stores and pacsun e - commerce. the demo reportable segment
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pacsun to close all d. e. m. o. stores – wwd
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pacsun filed for bankruptcy in april; it has 593 stores, nine of which are in orange county .
pacsun filed for chapter 11 bankruptcy protection in april 2016 after experiencing years of declining profits and store closings .
pacsun filed for bankruptcy in april. it will revert from a publicly traded company after golden gate capital assumes ownership .
the team page shows other community members, has a wall for members to leave comments, and lists coupons members can use at any pacsun store to save on buying the newest fashions. there is also a blog that has entries dating back to 2007 with topics such as “pacsun’s battle of the brands, ” “flickr pick: summer’s almost over, ” and “win a pair of pacsun denim. ”
although this variety surely brings in teens, it’s pacsun’s approach to connecting with its consumers online that differentiates it and shows its innovative sense of business. for example, whether a skater, surfer, or snowboarder, pacsun shoppers can join the pacsun team to connect with other teens across the country. the simple description states, “join the community. win stuff. meet the team. get sponsored. ”
pacsun has declined to comment on the matter at this time, but all signs seem to indicate that the company is surfing into the sunset .
an affiliate of golden gate capital previously lent pacsun $ 60 million. the group’s portfolio includes eddie bauer, payless shoesource and california pizza kitchen .
and, as with any well - positioned e - com company, pacsun has a page on facebook, myspace, twitter, and youtube .
“i’ve been a long time admirer of pacsun, ” he said. “for many years pacsun championed the action sports market and brought a number of great brands to malls and consumers across the country. i think it’s fair to say that pacsun has endured its fair share of challenges and hurdles over the past three, four, five years. and i’m equally excited about re - energizing the passion, creativity, and a relentless customer focus within our team. ”
anaheim - based retailer pacsun will not auction its assets in bankruptcy, instead it will go private under a new owner, private equity firm golden gate capital .
executives at pacsun, also known as pacific sunwear of california, inc. , include gar jackson, vice president of investor relations, and michael henry, chief financial officer. in the second quarter earnings call on september 3, gary schoenfeld introduced himself as pacsun’s new ceo and explained why he was excited to take the position .
pacsun is expected to use its bankruptcy to rein in its high store costs of around $ 140 million a year, either by shrinking its store footprint or renegotiating its rents .
pacific sunwear, operating under two distinct retail concepts, is a leading specialty retailer of everyday casual apparel, accessories and footwear designed to meet the needs of active teens and young adults. as of april 2, 2005, the company operated 751 pacsun stores, 85 pacsun outlet stores and 169 d. e. m. o. stores for a total of 1, 005 stores in 50 states and puerto rico. pacsun' s web site address is urltoken and merchandise carried at d. e. m. o. stores can be found at urltoken .
update (april 7): this morning, pacsun announced its restructuring plan under chapter 11 bankruptcy. with the help of golden gate capital, pacsun will go from being a publicly traded company to a private one, and receive investments in the form of $ 20 million from ggc. the firm has also agreed to convert more than 65% of pacsun & apos; s debt into new equity. so what in the hell does that mean? as stephen lubben, a bankruptcy expert at seton hall university, explains to us ,
pacsun owes, i believe, $ 60 million dollars to golden gate capital. basically, [ ggc ] have agreed to forgive about two - thirds of that debt in exchange for becoming the owner. they & apos; ve also agreed to put some new money into the company .
additionally, pacsun also is receiving a $ 100 million credit line from wells fargo, which will help it navigate season - to - season swings in cash flow .
 segment reporting  the company operates exclusively in the retail apparel industry in which the company distributes, designs and produces clothing, accessories, footwear and related products catering to the teenage / young adult demographic through primarily mall - based retail stores. the company has identified four operating segments (pacsun, pacsun outlet, demo, and one thousand steps) as defined by sfas 131, disclosures about segments of an enterprise and related information.  e - commerce operations for pacsun and demo are included in their respective operating segments. the four operating segments have been aggregated into three reportable segments (pacsun, demo and one thousand steps). information for the first nine months of each of fiscal 2006 and 2005 concerning each of the three reportable segments is set forth below (all amounts in thousands except number of stores) :
are you a big fan of pacsun or d. e. m. o. ? tell your fellow fools why or why not on our pacific sunwear discussion board. dave marino - nachison can be reached at dmarnach @ urltoken .
our chief executive officer, who is our chief operating decision maker (codm), decided during the first quarter of fiscal 2006 that he did not view e - commerce as anything more than another store within the pacsun and demo operating segments that sold the same merchandise as our pacsun and demo mall - based stores. due to the fact that e - commerce sales have never exceeded 1. 4% of total sales for any reporting period, and we do not
on his pacsun tenure so far :
the honest answer is i would have liked to have made more progress by now ,
he said .
i' m hopeful that we' ll begin to see a demonstrable shift .
all of pacsun' s sales are rung up in the us and puerto rico. the company' s largest markets are california (its home state), texas, and florida, which combined account for more than a quarter of its stores .
though pacsun & apos; s stockholders certainly aren & apos; t happy, fans of the store can rest assured that at least for now, pacsun isn & apos; t going away. in fact, a letter released today by the retailer & apos; 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 .
additionally, schoenfeld writes that this process should not affect customers in any way .
pacsun is a leading specialty retailer offering a cross - section of emerging brands and trending fashion through the lens of los angeles. throughout the contemporary, streetwear and active lifestyle markets, we’ve partnered with the best brands to constantly offer curated collections, rare products and collaborations .
henry announced total sales for pacsun’s second quarter were $ 243 million. and although the company ended the quarter with 916 stores versus 938 a year ago, he also announced e - commerce revenue growth of 11% to $ 9 million, up from last year’s $ 8 million .
change of heart: after meetings with several pacsun directors ,
i was confident that the board understood the realities of what it would take to turn the business .
to get to know the company, he visited stores in 18 states during his first year on the job .
when pacsun filed for bankruptcy, it had plans to go private with the san francisco - based private equity firm, making it the third orange county retailer – following foothill ranch - based wet seal and huntington beach - based quiksilver – in two years to file for bankruptcy and go private .
in q3, same - store sales at d. e. m. o. rose nearly 20% , while pacsun managed
only
a 13. 2% boost. for the first nine months, d. e. m. o .
comps
are up more than 25% .
all in the family: his two older children have worked at pacsun; his daughter was up until 4 a. m. the day after thanksgiving helping the company prepare for the black friday rush .
they tried as best they could to not let people know their last name ,
schoenfeld said .
more than a simple clothing company, pacsun offers accessories, swimwear, sandals, t - shirts, and tank tops for boys and girls. for girls, locations offer dresses, skirts, handbags, and fashion tops. for boys, the company offers board shorts, polos, hoodies, headphones, and sunglasses .
“i feel very good about the direction we’re headed in our product assortments as it relates to core, ” schoenfeld said. “similarly, i think that with subject to some fine tuning, the value piece is getting better. from a projection standpoint, we need to make the brands the bigger part of what we do in pacsun. ”
reportable segments (pacsun and demo) were experiencing negative same store sales results, higher markdowns, and deleveraging of significant expense categories due to negative same store sales. in addition, the table within the segment reporting section of note 2 to the financial statements specifies the contribution margin of each reportable segment for fiscal 2006 through october 28, 2006 .
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pacsun will take a pretax charge for the closures of between $ 35 million and $ 50 million for lease terminations, employee severance charges, inventory reserves and agency fees. in the spring, the company closed 74 d. e. m. o. stores that it described as underperforming, and in october announced they would discontinue their footwear chain one thousand steps .
the company' s d. e. m. o. chain was a big driver. the traditional pacsun and outlet stores, which offer surf - themed apparel, have performed well, but d. e. m. o. - - inspired by hip - hop and targeting a slightly older, higher - paying customer - - has done it one better .
keeping in line with its southern california style, pacsun carries brands such as billabong, fox, hurley, volcom, bullhead, o’neill, nollie, roxy, kirra, rip curl, rvca, dc, lucy love, element, wesc, quicksilver, vans, nike, zoo york, and nixon. the company also distributes items under its own brand, vurt .
two days ago, reports circulated indicating pacific sunwear, better known as pacsun, is set to file for chapter 11 bankruptcy. with that news, the retailer & apos; s stocks plummeted—they currently sit at just 10 cents per share. (this time a year ago, they were around $ 2. 50 .) the question here, of course, is what happened ?
shred or die, another link on the pacsun web site, lists its goal as being “the world’s best destination for action sport video, with a focus on skateboarding, snowboarding, surfing, bmx, and fmx. ” launched in 2007, the site is a collaboration between or die networks, the creators of funnieordie. com, and tony hawk, skateboarding icon and filmmaker .
first impressions: after being offered the pacsun job ,
i went out and looked at some of the stores ,
schoenfeld said .
i called back and said,' no, thank you.' i didn' t like what i saw .
he said he was put off by the cluttered stores, excessive discounting and the lack of authentic surf and sports brands .
with nearly 1, 000 retail locations, one strong and interactive e - commerce site, and annual revenues of more than $ 1 billion, pacsun is clearly a force to be reckoned with as an apparel and accessories retailer. what’s shocking is that the company started as a small surf shop in newport beach in 1980 and is now one of the top names in the teen fashion world .
during fiscal 2006, both pacsun and demo have experienced negative same store sales results, increased markdown rates, and deleveraging of operating expenses. these facts are disclosed on a combined basis at page 17 of the referenced 10 - q in the md & a discussion under the captions gross margin and selling, general, and administrative expenses.  we believe that this disclosure is appropriate as both of the principal
the gig: chief executive of teen retailer pacific sunwear of california inc. since 2009. the anaheim seller of surf and skate apparel, which has reported sales declines and losses for the last nine quarters, is struggling to recover from the recession and has lost business to trendier competitors such as forever 21, h & m; and aeropostale. pacsun has about 850 stores, most of them in malls .
our four operating segments into one reportable segment and began reporting three reportable segments (pacsun, demo, one thousand steps). pacsun and outlet continue to be aggregated due to their similar economic characteristics and other aggregation criteria as noted in sfas 131 paragraph 17 (i. e. , similar revenue trends, typically less than one percent difference in gross margins, same merchandise sold, same vendors, similar customer base, same distribution). in updating our segment disclosure, we inadvertently overlooked the requirements of paragraphs 33 - 35 of sfas 131 which call for restatement of prior period data in the updated composition and discussion of the changes. we propose in future filings, beginning with our upcoming 10 - k for the fiscal year ending february 3, 2007, to provide financial statement disclosure similar in content to the following :
based on these facts, we believe our existing disclosures adequately address what has impacted our business during fiscal 2006 for our pacsun and demo reportable segments. further, we do not believe that providing specific segmented disclosures in our md & a is necessary for a reader to clearly understand our current year performance. we respectfully request that we be permitted to provide expanded disclosure in future filings as it becomes appropriate to provide additional information specifically tailored to the performance of an individual segment .
a major factor here is that malls, where most pacsun shops are located, generally have seen decreasing foot traffic in recent years thanks to the booming online - shopping industry. in 2015, the new york times reported that
about 80 percent of the country’s 1, 200 malls are considered healthy, reporting vacancy rates of 10 percent or less .
but that is down from
94 percent in 2006 ,
according to a real estate industry research group. also, last year u. s. news reported foot traffic for retailers in the months of november and december fell from 35 billion visits in 2010 to 17. 3 billion visits in 2013 .
we note the staffs comment and respectfully advise the staff that we believe our previous disclosure contained in our quarterly report on form 10 - q for the quarter ended october 28, 2006 adequately addresses the performance of our reportable segments. specifically, within the net sales section of the results of operations component of our md & a at pages 16 and 17 of that report, we provided specific discussion of pacsun and demo comparable store sales results and product categories of strength and weakness in sales for these reportable segments. we did not do so for one thousand steps as it is a new concept test of only 9 stores out of our total of 1, 169 stores. we did not view it then or now as a material contributor to our overall company performance. we did include a specific discussion of our initial contribution margin expectations for one thousand steps in the segment reporting section of note 2 to the financial statements .
in addition to the codm decision noted in our response to comment number 5 above, there were two key business developments that brought about our decision to change the composition and disclosure of our reportable segments for fiscal 2006. first, our profit performance has not met our initial expectations for fiscal 2006, particularly for our demo concept. second, we launched a new store concept, one thousand steps, in april 2006. based on demos current year performance not meeting expectations and the launch of the new concept, we no longer viewed our operating segments as having similar economic characteristics as we had in the past. we had previously believed that the performance of the demo segment would continue its convergence with the performance of the pacsun segment in terms of revenue trends, gross margins and private label penetration. however, with the less favorable than expected performance of our business in fiscal 2006, we were no longer experiencing the convergence that we had originally anticipated and felt that providing broader information with regard to the three reportable segments would represent improved disclosure. we therefore discontinued aggregating
from the late ’90s to the mid - aughts, pacsun was pretty much the one - stop shop for teens to get the latest skate - and surf - inspired gear. by stocking mass - market outdoor brands like billabong, quiksilver, and burton, it dressed an entire generation of kids in california - cool vibes. but in more recent years, the brand seemed to be repositioning itself as a streetwear haven. it changed its logo to be more modern and less sunshine - heavy. then it launched collaborations with been trill, the jenner girls, kanye west, and most recently fear of god, all of which seemed to indicate that the company & apos; s days of oversize board shorts were behind it. in fact, it seemed ahead of the curve with these moves toward
cool kid
brands. but the news of the bankruptcy means that its repositioning was either too late or too difficult to actually pull off in such a large operation, or that collaborating with tastemakers and
it
brands on limited - run gear simply does little for a brand & apos; s bottom line in the short term .
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pacific sunwear of california inc. said friday that it would be closing its remaining 154 d. e. m. o. stores
as soon as is practical ,
which follows a strategic review of the business that was announced in october .
pacific sunwear of california inc. said friday that it would be closing its remaining 154 d. e. m. o. stores “as soon as is practical, ” which follows a strategic review of the business that was announced in october .
separately, the retailer also said it is closing a distribution center in anaheim, calif. , relocating the operations to olathe, kan. the distribution center will most likely close by april. “in analyzing our operations, it became clear that we can better leverage our existing capacity at our olathe distribution center to improve the efficiency of our supply chain, better service our stores and reduce certain costs, ” sally frame kasaks, chairman and chief executive officer, said in a statement .
shares of the skate and surf retailer plunged 5 percent to close at $ 12. 28 on friday .
relocating the distribution operations will cost about $ 3 million in pretax charges during the next two quarters .
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about last night: @ chiaraferragni attended the @ proenzaschouler and @ lancomeofficial party to celebrate their makeup collaboration. lorenzo hernandez and jack mccollough worked with the beauty brand on a limited - edition makeup collection that’s launching this month. head to urltoken to see what the duo had to say about the line, plus more party pics. # wwdbeauty # wwdeye
@ dior, typically the first big name to open paris fashion week in previous years, has moved its show one day ahead to september 24, to safeguard that distinction. @ gucci had previously announced a one - off showing on the same day, marking a three - part homage to france. head to urltoken for more details. # wwdfashion (📷: @ aitorrosasphoto )
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same - store sales at pacific sunwear' s
second
chain justify its expansion plans .
fiscal 2004 continues to be a good one for teen retailer pacific sunwear of california (nasdaq: psun): after the market close yesterday, the company reported third - quarter financial results, turning in impressive growth in revenue, same - store sales, and net income .
perhaps best of all, the marked difference between the two means the chains can (and do) coexist happily in the same mall. this helps the company as a whole, particularly as it contends with gap (nyse: gps), abercrombie & fitch (nyse: anf), american eagle (nasdaq: aeos) and others for traffic in crowded shopping centers .
d. e. m. o. has contributed to another positive trend: over the last three years, the company' s revenue mix has changed, with women' s apparel growing from 26% of sales in fiscal 2001 to 31% in fiscal 2003. (accessories and footwear are also up as a percentage of total sales, helping results at both chains .) retailers covet female shoppers, as they' re considered likely to spend more and shop more often .
ceo greg weaver, interviewed here back in 2000 just as d. e. m. o. was starting to take off, visualizes a future with d. e. m. o. representing about 400 of a total 1, 400 projected stores within the next four years or so. (currently the chain accounts for 121 of its 863 stores. )
back when pacific sunwear began rolling out d. e. m. o. in earnest, investors would have been right to harbor concerns about their company branching out after decades in its
bread - and - butter
surfwear business. in hindsight, however, it' s clear the company prepared well - - and has followed through .
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5200 east la palma avenue anaheim, california 92807 u. s. a .
of course we started as a surf shop. now we' re surf, skate, snow and street. we' re summer and winter. guys and girls. we' re beach and mountains, country and city. we' re water, sand, dirt and concrete. we' re clothes, shoes and all the rest. we' re pacific sunwear .
the roots of pacific sunwear' s business originated in newport beach, california, where tom moore opened his first shop catering to surfers in 1980. the opening of another small surf shop in southern california was not a remarkable event, but the success of the newport beach store did lead to a novel development in surf shop history. hoping to secure year - round business, moore and his partners opened a second shop the following year in a mall - - the exclusive domain of pacific sunwear stores for the next 17 years .
the location proved a winner, generating more than $ 1 million in sales in 1982. the success of the first mall store, located in santa monica place, spawned the establishment of ten more stores, all in proximity to the coast and all situated in malls. with the financial backing of venture capitalists in 1987, the chain grew to 21 stores, collecting $ 18 million in sales in 1988 .
by all measures, the concept was a success, thriving during a decade in which bright, neon shorts and shirts of the surfer lifestyle were popular, trendy apparel items among nonsurfers as well. quick success, however, turned to quick failure when the company began to expand outside of california. sales plunged sharply at stores on the east coast and in minnesota, for example, where a company store located in the mall of america struggled to sell shorts when the thermometer outside read 17 degrees below zero. according to a company official, the typical customer reaction was
this is a cool store, i' ll be back when it' s summer .
in response, new management was brought in to inaugurate the new decade, led by michael w. rayden, whose chief task was to transform the chain into a profitable retailer able to expand outside of southern california .
a retail veteran, rayden joined pacific sunwear in 1990 after working for stride rite, eddie bauer, and liz claiborne. during the early 1990s, pacific sunwear registered two money - losing years and closed eight underperforming stores, as the company suffered along with the decline in popularity of the surfer
look .
of the stores closed, four were in the company' s mainstay california market and the other four were located in new markets - - two units in texas and two in washington, d. c .
the signal informing outside observers of rayden' s readiness to expand on a grand scale arrived in march 1993, when pacific sunwear filed with the securities and exchange commission for an initial public offering (ipo) of stock. the company hoped to raise $ 14. 4 million in proceeds from the ipo, and earmarked $ 4. 2 million of the total to expand. news of the ipo arrived at the same time the company announced its expansion plans for the immediate future; between 18 to 20 store openings were planned for 1993, and 25 store openings were slated for 1994 .
in the wake of the ipo, pacific sunwear expanded at a vigorous pace, exceeding its own projections. by late 1994, there were 118 stores in 17 states, the result of 46 new stores added to the chain in 1994, which was nearly twice as many new store openings as announced in early 1993. on the heels of this prodigious growth spurt, plans were announced for the expansion of the chain by 35 percent, or 50 new stores, in 1995. in 1995, the square footage of the entire pacific sunwear chain increased 45 percent over the retail space occupied by the company in 1994. fifty - five stores debuted during the year for a total of 128 stores opened during the previous three years. remarkably, profitability was sustained during this period of prolific growth, as pacific sunwear recorded positive net income for 15 consecutive quarters .
amid the frenzied expansion activity in 1995, the first currents of a movement to fundamentally alter pacific sunwear' s concept emerged. at a two - and - a - half day executive retreat in may 1995, pacific sunwear officials discussed broadening the chain' s customer appeal again. the executives who had gathered at rancho valencia discussed introducing new types of merchandise into the stores, making the stores bigger to house the new merchandise, and increasing the percentage of private label merchandise within the stores. in the months following the executive retreat, footwear and junior women' s apparel began appearing in pacific sunwear stores, as the stores themselves became larger. the square footage in new stores was increased 50 percent to 3, 000 square feet. with these changes, the company began to stray from its tight focus on white, suburban, teenage males in order to embrace a broader customer base, thereby making the transition from a niche - oriented retailer to a more broadly defined specialty retailer .
as the company maneuvered through this transition - - its most profound change since rayden arrived in 1990 - - unexpected news took industry pundits and analysts by surprise. on january 30, 1996, rayden announced his resignation from pacific sunwear, sending a shockwave through the financial community that caused the company' s stock value to fall 15 percent. rayden left the company to join ohio - based women' s apparel retailer the limited, where he was named president of limited too, a division that sold casual sportswear for girls. while an executive search firm looked for a replacement for rayden, greg weaver, pacific sunwear' s chief operating officer, took over as president .
weaver' s temporary stewardship of pacific sunwear occurred at a critical juncture in the company' s history and at a time of great opportunity for astutely managed, young men' s apparel retailers. during the previous three years, more than 2, 500 young men' s stores were closed, as such retailers as merry - go - round, edison bros. , and clothestime either exited the business or reduced the size of their chains. fewer stores left more business for existing retailers to capture, business that weaver estimated at $ 2 billion. enticed by the potential, weaver was intent on capturing the lion' s share of the abandoned business .
our mission ,
he said in september 1996 ,
is to become the dominant, national specialty retailer of teenage apparel, footwear, and accessories .
a month after setting this lofty goal, weaver was named chief executive officer of the company, having, according to pacific sunwear' s chairman of the board ,
demonstrated great success since assuming operational control .
the search for rayden' s successor was over; it was weaver' s responsibility to lead the company toward national dominance .
as weaver set out in pursuit of his objective in september 1996, pacific sunwear operated 198 stores in 33 states. by the end of 1996, 30 new stores had been established during the year. this was a relatively slow pace of expansion for the company, limited by the problems associated with its transition into a specialty retailer, but 1996 only proved to be a temporary lull. in 1997, 50 new stores were slated to open and another 50 stores scheduled for 1998, with expansion aided by a stock offering in june 1997 that raised $ 29 million .
as pacific sunwear began fulfilling its expansion goals, opening an average of two new stores each month, the company achieved additional growth in a new way. for the first time in its history, pacific sunwear completed an acquisition, purchasing a 15 - unit, young men' s and junior chain named good vibrations for $ 9. 2 million in september 1997. similar to pacific sunwear, good vibrations was a regional mall - based retailer of casual young men' s apparel, accessories, and footwear, whose annual sales, collected from the company' s stores in florida, amounted to $ 17 million. following the acquisition, the good vibrations name was retained, with good vibrations and pacific sunwear stores in many cases operating within the same mall .
pacific sunwear broke with tradition in another way in 1997, opening its first non - mall, freestanding store. located in greenwich village, the 6, 000 - square - foot store was evidence of weaver' s conviction, as expressed to the daily news record in september 1997, that pacific sunwear
can take this store prototype anywhere in the country .
the greenwich village store was the first of what was expected to be several pacific sunwear units in the lucrative new york city market. following the debut of the greenwich village store, the company began researching other potential store locations in densely populated urban environments, specifically in chicago and boston .
as the company entered 1998, it announced plans to expand on another front. in february, pacific sunwear revealed its intentions to launch a second retail concept whose merchandise would duplicate pacific sunwear merchandise to a very limited extent. named
d. e. m. o. ,
the new concept was expected to offer, according to the company ,
popular and emerging cross - cultural brands ,
catering to urban fashion tastes rather than retailing the clothing trends of suburbia. after initial experiments proved positive, good vibrations stores were converted to the d. e. m. o. format. a majority of the 15 stores planned for the first wave of expansion were expected to be opened before the 1998 school season, with stores slated for malls in california, florida, illinois, louisiana, new jersey, new york, and michigan. between april and august, 15 d. e. m. o. stores were opened in time for the back - to - school season, recording sufficient success to prompt the company to expand further .
as pacific sunwear reached the end of a prodigious ten - year growth period, the company showed no sign of slowing its pace of expansion. in 1999, 108 stores were scheduled to be opened, including the 25 new d. e. m. o. units. to assist in this ambitious expansion, the company launched its first national advertising campaign in february 1999, placing advertisements in the sports illustrated swimsuit issue, teen people magazine, and seventeen magazine. said weaver, according to a february 1999 business wire report ,
with our aggressive growth plans to add 108 stores in 1999 we felt it was the right time to aggressively step up our marketing efforts .
on this note, pacific sunwear prepared for the work ahead, intent on becoming the dominant national retailer for the youth of america .
barron, kelly ,
ceo steps down at california retailer pacific sunwear ,
knight - ridder / tribune business news, january 31, 1996 .
- - - - ,
cool it ,
forbes, november 2, 1998, p. 218 .
- - - - - - ,
pacific sunwear' s future looks bright despite departure of ceo ,
knight - ridder / tribune business news, february 10, 1996 .
d' innocenzio, anne ,
pacific sunwear chain planning to go public ,
daily news record, march 3, 1993, p. 10 .
greg weaver promoted to ceo of pacific sunwear of california ,
daily news record, september 26, 1996, p. 2 .
hardesty, greg ,
california' s pacific sunwear to expand urban - themed clothing stores ,
knight - ridder / tribune business news, september 15, 1998 .
kaplan, don ,
pacific sunwear, gadzooks drive to nab $ 2b void in ym market ,
daily news record, september 12, 1996, p. 3 .
la franco, robert ,
pacific sunburn? ,
forbes, may 5, 1997, p. 190 .
pacific sunwear launches national ad campaign ,
business wire, february 3, 1999 .
pacific sunwear launching new chain ,
daily news record, february 13, 1998, p. 4 .
pacific sunwear of california sets' 95 store expansion plan ,
daily news record, october 7, 1994, p. 4 .
pacific sunwear stock rises ,
daily news record, december 19, 1996, p. 10 .
palmieri, jean e. ,
fads don' t fit pacific sunwear' s fashion focus ,
daily news record, august 28, 1995, p. 14 .
- - - - ,
pacific sunwear acquires good vibration; $ 17 million, 15 - unit men' s chain will retain name ,
daily news record, september 10, 1997, p. 16 .
smith, elliot blair ,
stock sale reaps pacific sunwear $ 29 million to fund expansion ,
knight - ridder / tribune business news, june 12, 1997 .
zimmermann, kim ann ,
controlled growth: pacific sunwear' s new network will keep the company on the expansion path while cutting costs ,
footwear news, february 23, 1998, p. 17 .
- - - - ,
pacific sunwear preps for e - commerce ,
daily news record, january 13, 1999, p. 14 .
source: international directory of company histories, vol. 28. st. james press, 1999 .
your 16 - year - old self' s favorite cali - based retailer is reportedly filing for bankruptcy .
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bankrupt surfwear brand pacific sunwear of california has canceled an assets auction scheduled for this month, according to documents filed friday .
golden gate capital will acquire the anaheim - based company’s assets and 100 percent ownership in the company. bankruptcy court approval is pending .
golden gate capital was the stalking horse bidder at the time. since no other offers were made for the retailer, the auction was canceled and golden gate will take ownership .
wells fargo bank is also providing a five - year, $ 100 million revolving line of credit to the retailer .
the brand lost $ 10 million in the fourth quarter of 2015, compared with a net loss of $ 26 million over the same period in 2014 .
hannah madans, a usc graduate, has been with the register since 2014. her beat covers a gamut of subjects that include the robust retail landscape of orange county, consumer commodities such as groceries, gas and cable, and the hospitality industry. in her time at the register, madans has written breaking news stories about haggen’s fall in southern california and backlogs at the ports of los angeles and long beach. she has also written features on topics including tourism on catalina island, a helicopter pilot school at john wayne and nobody' s favorite subject: taxes. madans also helps curate story and slideshow packages for the register' s voracious online audience .
what hasn’t changed is the company’s focus on staying true to its roots in teen culture and maintaining a forward - looking approach to offering its target audience what will be hot in southern california fashion tomorrow today .
the site invites members to vote on their favorite or least favorite videos, enter contests, and learn how to improve their skill set on whichever sport they’re into. as with the team page, there is also a blog for members to follow, with topics such as “tony’s easter egg hunt, ” which connects members to tony hawk’s twitter page, and “sot t shirts, ” which gives members the chance to win a free t - shirt depending on whether or not they get enough votes on a video .
looking ahead to 2010, schoenfeld said the company’s focus on merchandising between core versus value in terms of the mix between branded and private label merchandise will be centered on looking at what is different about a customer shopping in the company’s core stores versus the value stores .
jacksonville, fla. , july 09, 2018 (globe newswire) - - csx corporation (nasdaq: csx) today announced that mark wallace has been appointed executive vice president sales and marketing and diana sorfleet has been appointed executive vice president and chief administrative officer .
baltimore, july 09, 2018 (globe newswire) - - willscot corporation (nasdaq: wsc) (“williams scotsman”), the leading specialty rental services provider of innovative modular space and portable storage solutions across north america, announced today that it will participate in the nasdaq opening bell ceremony, a tradition that marks the daily start of trading at the second largest stock exchange in the world .
irvine, calif. , july 09, 2018 (globe newswire) - - conversionpoint technologies, a leading e - commerce technology group, has appointed tom furukawa as its new chief product officer. furukawa will be responsible for directing conversionpoint’s product roadmap, overseeing new product development and current product enhancements .
dublin, calif. , july 09, 2018 (globe newswire) - - giga - tronics incorporated (the “company”) announced today the appointment of timothy ursprung to the position of vice president sales and marketing. mr. ursprung most recently worked at rodelco electronics company as the head of sales in the rf / microwave integrated microwave assembly marketspace promoting highly complex solutions for electronic warfare and radar applications. prior to rodelco, mr. ursprung was owner of a manufacturer’s representative firm for eight years, eox sales llc, covering the mid - atlantic and southeast regions of the united states. in addition, mr. ursprung was vice president sales & marketing for aeroflex test solutions for ten years in charge of all such related activities in the americas. tim is a 1982 graduate of clarkson university in potsdam ny with a degree in engineering and management .
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the company reported advertising costs of about $ 12 million if fiscal 2014 (ended january), versus $ 14 million in each of the prior two fiscal years .
excluding discontinued operations, the retailer reported $ 798 million in sales in fiscal 2014 (ended january), a 2% increase versus the prior year on a comparable 2% same - store sales gain. sales of women' s apparel and accessories rose 6% year over year, while men' s apparel and footwear sales were flat .
when store closures are taken into account, pac sun' s sales declined nearly 1% versus the prior year, and are down 37% over the past five years. the tepid us economy and defection by its young clientele to other retailers are blamed for the chain' s poor financial results. indeed, fiscal 2014 marked the seventh consecutive year of unprofitability, with the chain reporting a loss of $ 48. 7 million. pac sun reported negative cash flow on $ 7. 7 million in fiscal 2014, versus a surplus the prior year.
pacific sunwear of california , inc. , branded as pacsun , is a united states-based retail clothing brand rooted in the youth oriented culture and lifestyle of california . the company sells lifestyle apparel , along with footwear and accessories designed for teens and young adults . as of late 2011 , the company operated over 800 stores in all 50 states and puerto rico . pacsun is headquartered in anaheim , california and operates a distribution center in olathe , kansas . the company 's regional directors , district managers and store positions are located throughout the united states and puerto rico . the company went bankrupt in april 2016 and is now owned by golden gate capital . 
pacific sunwear of california, inc., branded as pacsun, is a united states-based retail clothing brand rooted in the youth oriented culture and lifestyle of california. the company sells lifestyle apparel, along with footwear and accessories designed for teens and young adults. as of late 2011, the company operated over 800 stores in all 50 states and puerto rico. pacsun is headquartered in anaheim, california and operates a distribution center in olathe, kansas. the company's regional directors, district managers and store positions are located throughout the united states and puerto rico. the company went bankrupt in april 2016 and is now owned by golden gate capital.
pacific sunwear of california, inc., branded as pacsun, is a united states-based retail clothing brand rooted in the youth oriented culture and lifestyle of california. the company sells lifestyle apparel, along with footwear and accessories designed for teens and young adults. as of late 2011, the company operated over 800 stores in all 50 states and puerto rico. pacsun is headquartered in anaheim, california and operates a distribution center in olathe, kansas. the company's regional directors, district managers and store positions are located throughout the united states and puerto rico. the company went bankrupt in april 2016 and is now owned by golden gate capital.