PacSun Headed for Bankruptcy: Report
Surfwear chain Pacific Sunwear, better known as PacSun, has been struggling for a few years now... and apparently is coming to the end of its run.
According to Bloomberg, the chain is preparing to file for Chapter 11 bankruptcy... and could do so as soon as next week.
Due to retail spending on the decline and shifting consumer tastes, PacSun seems to be the latest in a string of chains headed into bankruptcy, joining the likes of American Apparel and Quiksilver.
The report says PacSun has recorded losses every year since 2008, and its shares have plunged 90 percent in the past 12 months along.
As of December, the company operated 613 stores. They've yet to comment.