About PACIFIC SUNWEAR OF CALIFORNIA, LLC

Pacific Sunwear of California (PacSun) knows that teens aspire to the "swag" of the board sports world. The company operates more than 600 mall-based apparel stores (down from a peak of 950) in all 50 US states and Puerto Rico under the names Pacific Sunwear and PacSun, and an e-commerce site. It courts the young and active consumer by representing brands associated with surfing, skateboarding, and snowboarding, including apparel by Billabong, Volcom, and Quicksilver, as well as footwear by DC Shoes, and others. PacSun also sells its own private-label merchandise (Bullhead, Black Poppy, Kirra, and Nollie). Amid a steep decline in sales, the teen-focused chain is closing hundreds of stores. In 2016 PacSun filed for Chapter 11 bankruptcy protection before being acquired by Golden Gate Capital.

Bankruptcy

PacSun filed for Chapter 11 bankruptcy protection in April 2016 after experiencing years of declining profits and store closings.

Geographic Reach

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.

Sales and Marketing

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.

Financial Performance

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.

With sales and profits declining, the company has drastically trimmed its budget for capital expenditures to $12 million in fiscal 2014 from $23 million four years ago.

Strategy

Historically fast-growing, PacSun skid to a halt as the US economy and its sales sputtered. Indeed, the retailer's store count has declined from a peak of 950 to about 600, with more closures planned in fiscal 2015. By closing underperforming shops and renegotiating lease agreements, the company aims to bolster its bottom line. PacSun is also taking steps to win back non-apparel sales lost to faster-growing brands, such as Zumiez. To reverse its slide and regain its street cred, PacSun is expanding the number of stores stocking footwear and accessories, which currently account for about 15% of total sales. Concurrently, in a bid to grow its business with young women, the chain has buffed up its tomboy image. PacSun has begun refurbishing its namesake stores to include bigger fitting rooms for women, and better lighting and displays. The company's proprietary brands account for a growing slice of its sales (49% fiscal 2014). Leading the turnaround effort at PacSun is CEO Gary Schoenfeld. In late 2011 Schoenfeld drove a successful $160 million financing deal, infusing the company with $100 million in revolving credit and $60 million loan.

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PACIFIC SUNWEAR OF CALIFORNIA, LLC

3450 E Miraloma Ave
Anaheim, CA 92806-2101
Phone: 1 (714) 414-4000
Fax: 1 (714) 414-4260

Stats

  • Employer Type: Public
  • Director and Interim CEO: James S. Gulmi
  • Director and Interim CEO: James S. Gulmi
  • VP Real Estate and Store Optimization: Ernie Sibal
  • 2015 Employees: 8,777

Major Office Locations

  • Anaheim, CA

Other Locations

  • Anchorage, AK
  • Birmingham, AL
  • Decatur, AL
  • Foley, AL
  • Rogers, AR
  • Anthem, AZ
  • Chandler, AZ
  • Flagstaff, AZ
  • Gilbert, AZ
  • Glendale, AZ
  • Mesa, AZ
  • Phoenix, AZ
  • Scottsdale, AZ
  • Tucson, AZ
  • Antioch, CA
  • Arcadia, CA
  • Bakersfield, CA
  • Brea, CA
  • Buena Park, CA
  • Cabazon, CA
  • Canoga Park, CA
  • Capitola, CA
  • Carlsbad, CA
  • Cerritos, CA
  • Chico, CA
  • Chino Hills, CA
  • Citrus Heights, CA
  • Commerce, CA
  • Concord, CA
  • Costa Mesa, CA
  • Daly City, CA
  • Downey, CA
  • El Centro, CA
  • Escondido, CA
  • Gilroy, CA
  • Glendale, CA
  • Irvine, CA
  • Lakewood, CA
  • Long Beach, CA
  • Los Angeles, CA
  • Milpitas, CA
  • Mission Viejo, CA
  • Modesto, CA
  • Montclair, CA
  • Monterey, CA
  • Moreno Valley, CA
  • Napa, CA
  • National City, CA
  • Northridge, CA
  • Ontario, CA
  • Orange, CA
  • Palm Desert, CA
  • Palmdale, CA
  • Pasadena, CA
  • Petaluma, CA
  • Pismo Beach, CA
  • Redding, CA
  • Riverside, CA
  • Roseville, CA
  • Sacramento, CA
  • Salinas, CA
  • San Bernardino, CA
  • San Diego, CA
  • San Jose, CA
  • San Leandro, CA
  • San Mateo, CA
  • San Rafael, CA
  • Santa Ana, CA
  • Santa Barbara, CA
  • Santa Clara, CA
  • Santa Maria, CA
  • Santa Monica, CA
  • Santa Rosa, CA
  • Temecula, CA
  • Thousand Oaks, CA
  • Torrance, CA
  • Tracy, CA
  • Tulare, CA
  • Ventura, CA
  • Victorville, CA
  • Visalia, CA
  • West Covina, CA
  • Westminster, CA
  • Yuba City, CA
  • Broomfield, CO
  • Castle Rock, CO
  • Colorado Springs, CO
  • Denver, CO
  • Durango, CO
  • Grand Junction, CO
  • Lakewood, CO
  • Silverthorne, CO
  • Danbury, CT
  • Farmington, CT
  • Milford, CT
  • Waterford, CT
  • Dover, DE
  • Newark, DE
  • Rehoboth Beach, DE
  • Wilmington, DE
  • Altamonte Springs, FL
  • Boca Raton, FL
  • Brandon, FL
  • Clearwater, FL
  • Coral Springs, FL
  • Cutler Bay, FL
  • Daytona Beach, FL
  • Destin, FL
  • Ellenton, FL
  • Estero, FL
  • Fort Lauderdale, FL
  • Gainesville, FL
  • Jacksonville, FL
  • Mary Esther, FL
  • Melbourne, FL
  • Merritt Island, FL
  • Miami, FL
  • Naples, FL
  • Orlando, FL
  • Palm Beach Gardens, FL
  • Pensacola, FL
  • Port Richey, FL
  • Saint Augustine, FL
  • Sanford, FL
  • Sarasota, FL
  • South Miami, FL
  • Sunrise, FL
  • Tallahassee, FL
  • Tampa, FL
  • Vero Beach, FL
  • Wellington, FL
  • Wesley Chapel, FL
  • Winter Garden, FL
  • Alpharetta, GA
  • Augusta, GA
  • Columbus, GA
  • Commerce, GA
  • Dawsonville, GA
  • Douglasville, GA
  • Kennesaw, GA
  • Locust Grove, GA
  • Macon, GA
  • Savannah, GA
  • Snellville, GA
  • Aiea, HI
  • Hilo, HI
  • Honolulu, HI
  • Kahului, HI
  • Kaneohe, HI
  • Lahaina, HI
  • Cedar Rapids, IA
  • Council Bluffs, IA
  • Dubuque, IA
  • Waterloo, IA
  • West Des Moines, IA
  • Boise, ID
  • Idaho Falls, ID
  • Algonquin, IL
  • Aurora, IL
  • Bloomingdale, IL
  • Bloomington, IL
  • Bolingbrook, IL
  • Champaign, IL
  • Chicago Ridge, IL
  • Gurnee, IL
  • Joliet, IL
  • Lombard, IL
  • Peoria, IL
  • Schaumburg, IL
  • Skokie, IL
  • Springfield, IL
  • Vernon Hills, IL
  • Edinburgh, IN
  • Fort Wayne, IN
  • Greenwood, IN
  • Mishawaka, IN
  • Muncie, IN
  • Plainfield, IN
  • Terre Haute, IN
  • Manhattan, KS
  • Overland Park, KS
  • Wichita, KS
  • Ashland, KY
  • Elizabethtown, KY
  • Lexington, KY
  • Louisville, KY
  • Alexandria, LA
  • Baton Rouge, LA
  • Houma, LA
  • Lafayette, LA
  • Metairie, LA
  • Braintree, MA
  • Cambridge, MA
  • Hyannis, MA
  • Leominster, MA
  • Natick, MA
  • North Attleboro, MA
  • North Dartmouth, MA
  • Peabody, MA
  • Springfield, MA
  • Wrentham, MA
  • Annapolis, MD
  • Baltimore, MD
  • Bel Air, MD
  • Bethesda, MD
  • Columbia, MD
  • Frederick, MD
  • Hagerstown, MD
  • Hanover, MD
  • Ocean City, MD
  • Salisbury, MD
  • Bangor, ME
  • Freeport, ME
  • Kittery, ME
  • Ann Arbor, MI
  • Auburn Hills, MI
  • Brighton, MI
  • Flint, MI
  • Fort Gratiot, MI
  • Grand Rapids, MI
  • Grandville, MI
  • Howell, MI
  • Muskegon, MI
  • Novi, MI
  • Okemos, MI
  • Portage, MI
  • Saginaw, MI
  • Sterling Heights, MI
  • Taylor, MI
  • Westland, MI
  • Albertville, MN
  • Bloomington, MN
  • Hopkins, MN
  • Maple Grove, MN
  • Medford, MN
  • Minneapolis, MN
  • Saint Cloud, MN
  • Saint Paul, MN
  • Woodbury, MN
  • Branson, MO
  • Chesterfield, MO
  • Independence, MO
  • Joplin, MO
  • Kansas City, MO
  • Osage Beach, MO
  • Saint Louis, MO
  • Saint Peters, MO
  • Springfield, MO
  • Biloxi, MS
  • Gulfport, MS
  • Ridgeland, MS
  • Great Falls, MT
  • Asheville, NC
  • Charlotte, NC
  • Concord, NC
  • Fayetteville, NC
  • Greensboro, NC
  • Greenville, NC
  • High Point, NC
  • Pineville, NC
  • Raleigh, NC
  • Wilmington, NC
  • Bismarck, ND
  • Minot, ND
  • Lincoln, NE
  • Omaha, NE
  • Conway, NH
  • Manchester, NH
  • Nashua, NH
  • Newington, NH
  • Salem, NH
  • Tilton, NH
  • Atlantic City, NJ
  • Bridgewater, NJ
  • Cherry Hill, NJ
  • Eatontown, NJ
  • Edison, NJ
  • Elizabeth, NJ
  • Freehold, NJ
  • Holmdel, NJ
  • Jackson, NJ
  • Mays Landing, NJ
  • Moorestown, NJ
  • Paramus, NJ
  • Tinton Falls, NJ
  • Toms River, NJ
  • Wayne, NJ
  • Woodbury, NJ
  • Albuquerque, NM
  • Farmington, NM
  • Las Cruces, NM
  • Santa Fe, NM
  • Henderson, NV
  • Las Vegas, NV
  • Albany, NY
  • Amherst, NY
  • Buffalo, NY
  • Central Valley, NY
  • Cheektowaga, NY
  • Deer Park, NY
  • Elmhurst, NY
  • Garden City, NY
  • Lake George, NY
  • Massapequa, NY
  • Middletown, NY
  • New Hartford, NY
  • Niagara Falls, NY
  • Plattsburgh, NY
  • Poughkeepsie, NY
  • Riverhead, NY
  • Rochester, NY
  • Syracuse, NY
  • Watertown, NY
  • White Plains, NY
  • Yorktown Heights, NY
  • Aurora, OH
  • Beavercreek, OH
  • Canton, OH
  • Cincinnati, OH
  • Cleveland, OH
  • Columbus, OH
  • Dayton, OH
  • Dublin, OH
  • Jeffersonville, OH
  • Lancaster, OH
  • Mansfield, OH
  • Monroe, OH
  • North Olmsted, OH
  • Springfield, OH
  • Strongsville, OH
  • Youngstown, OH
  • Lawton, OK
  • Norman, OK
  • Oklahoma City, OK
  • Tulsa, OK
  • Beaverton, OR
  • Bend, OR
  • Eugene, OR
  • Hillsboro, OR
  • Lincoln City, OR
  • Medford, OR
  • Salem, OR
  • Woodburn, OR
  • Altoona, PA
  • Bensalem, PA
  • Center Valley, PA
  • Exton, PA
  • Gettysburg, PA
  • Greensburg, PA
  • Grove City, PA
  • Harrisburg, PA
  • Johnstown, PA
  • King Of Prussia, PA
  • Lancaster, PA
  • Langhorne, PA
  • Media, PA
  • Moosic, PA
  • North Wales, PA
  • Pittsburgh, PA
  • Plymouth Meeting, PA
  • Reading, PA
  • Scranton, PA
  • Springfield, PA
  • Tarentum, PA
  • Washington, PA
  • Whitehall, PA
  • Wilkes Barre, PA
  • Willow Grove, PA
  • Bayamon, PR
  • Hatillo, PR
  • Isabela, PR
  • San Juan, PR
  • Bluffton, SC
  • Columbia, SC
  • Greenville, SC
  • Hilton Head Island, SC
  • Myrtle Beach, SC
  • North Charleston, SC
  • Sioux Falls, SD
  • Chattanooga, TN
  • Clarksville, TN
  • Franklin, TN
  • Goodlettsville, TN
  • Johnson City, TN
  • Knoxville, TN
  • Lebanon, TN
  • Memphis, TN
  • Murfreesboro, TN
  • Nashville, TN
  • Sevierville, TN
  • Amarillo, TX
  • Arlington, TX
  • Austin, TX
  • Beaumont, TX
  • Brownsville, TX
  • Cedar Park, TX
  • College Station, TX
  • Corpus Christi, TX
  • Cypress, TX
  • Dallas, TX
  • Denton, TX
  • El Paso, TX
  • Fort Worth, TX
  • Frisco, TX
  • Garland, TX
  • Grapevine, TX
  • Houston, TX
  • Humble, TX
  • Hurst, TX
  • Irving, TX
  • Katy, TX
  • Killeen, TX
  • Lubbock, TX
  • Mcallen, TX
  • Midland, TX
  • Odessa, TX
  • Pearland, TX
  • Round Rock, TX
  • San Antonio, TX
  • San Marcos, TX
  • Spring, TX
  • Layton, UT
  • Logan, UT
  • Murray, UT
  • Ogden, UT
  • Orem, UT
  • Provo, UT
  • Salt Lake City, UT
  • Sandy, UT
  • Charlottesville, VA
  • Chesapeake, VA
  • Colonial Heights, VA
  • Danville, VA
  • Fairfax, VA
  • Fredericksburg, VA
  • Leesburg, VA
  • Mc Lean, VA
  • Norfolk, VA
  • North Chesterfield, VA
  • Richmond, VA
  • Roanoke, VA
  • Sterling, VA
  • Virginia Beach, VA
  • Williamsburg, VA
  • Winchester, VA
  • Burlington, VT
  • Auburn, WA
  • Bellingham, WA
  • Federal Way, WA
  • Kelso, WA
  • Kent, WA
  • Lynnwood, WA
  • North Bend, WA
  • Olympia, WA
  • Puyallup, WA
  • Silverdale, WA
  • Spokane, WA
  • Spokane Valley, WA
  • Tacoma, WA
  • Tukwila, WA
  • Union Gap, WA
  • Vancouver, WA
  • Appleton, WI
  • Brookfield, WI
  • Fond Du Lac, WI
  • Greendale, WI
  • Milwaukee, WI
  • Oshkosh, WI
  • Barboursville, WV
  • Charleston, WV
  • Martinsburg, WV
  • Morgantown, WV
  • Cheyenne, WY
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