Pacific Sunwear expected to file for bankruptcy | The Colpitts Law Firm
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Pacific Sunwear expected to file for bankruptcy

Many people in Oklahoma dream of owning their own business. They invest a significant amount of their time, money and effort into seeing that their dream comes true. While many succeed, there are many factors that can impact a company's long term success beyond what they put into it. Pacific Sunwear, a company that has struggled over the course of the last few years, is reported to be close to announcing the decision that it will be seeking bankruptcy protection.

The company is a retail chain specializing in surfwear. Sources close to the company claim that an announcement is imminent and could come as early as next week. However, the same sources -- who wish to remain anonymous because they are not authorized to speak publicly on the subject -- claim that the plans are subject to change and that the announcement may not come as early as expected.

The company operates over 600 stores, but recent reports indicate that its shares fell to 8 cents -- over a 90 percent loss in the last year. In fact, since 2008, PacSun has suffered financial losses every year. Similar stores have also suffered as Quiksilver Inc. and American Apparel Inc. both sought such protections last year. Some say these companies are struggling as a result of changes in customer tastes and slow retail spending.

Companies can often find themselves coping with unmanageable debt, often due to circumstances beyond their control. In many instances, seeking bankruptcy protection has helped struggling businesses in Oklahoma get their feet back under them and gain a fresh start. For many, the decision to seek such help was the best option available to help them continue to seek success.

Source:, "Pacific Sunwear Said to Prepare Chapter 11 Bankruptcy Filing", Lauren Coleman-Lochner and Jodi Xu Klein, April 4, 2016

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