Pacific Sunwear has lost its cool.
The formerly popular teen mall staple is allegedly preparing to file for Chapter 11 bankruptcy, Bloomberg has reported.
Bloomberg points to some scary numbers: the company has only reported financial losess since 2008, and its shares have been plummetting this year.
The Wall Street Journal reports that the filing is anticipated to happen around the end of this month, though nothing is entirely certain at this juncture.
The Wall Street Journal also notes that the company has roughly $160 million in debt, and had hired FTI Consulting Inc. and Guggenheim Securities to help it figure out how to restructure.
It appears that even PacSun’s line from teen favourites Kendall and Kylie Jenner hasn’t even saved the retailer from its dire fate.
It’s already a tough time to be a retailer. Malls have been shuttering, and many traditional mall retailers are reporting similarly dire conditions — both Quiksilver and American Apparel filed for bankruptcy last year.
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