RIP Puka Shell Necklaces: PacSun Just Filed For Bankruptcy
Bad news, Bros! A little part of your teenage self just died. Pacific Sunwear of California Inc. a.k.a. PacSun is filing for Chapter 11 bankruptcy protection. Apparently things have been rough since Puka Shell necklaces went out of style and every damn person on the Internet started selling quirky graphic novelty tees. According to Bloomberg, the company is in dire straights: PacSun has recorded losses for the past eight years. The company’s publicly-traded shares to nosedive 90 percent in the last 12 months. With shares dipping to six cents, the company is being pulled out of the markets and going private under a restructuring agreement.
They’ve managed to strike a deal with Golden Gate Capital, however, to continue operating their 613 stores. Via Complex:
Even though the company is totally underwater yet, it’s clearly a barely-breathing corpse. If you have a gift card that your grandmother got you in 8th grade, I highly suggest using it. May I suggest this shirt?
How are dudes like this ever going to deal?