PacSun secures up to $120M financing from Golden Gate Capital and Wells Fargo; Fourth Quarter comps were slightly up while Year-End comps slumped 2.6%
After rumors hit earlier this week, Pacific Sunwear officially announced it has reached a comprehensive debt-for-equity restructuring agreement with Golden Gate Capital, who has promised to deliver a minimum of $20 million in capital to the reorganized company upon its emergence from Chapter 11. In addition, the retailer chain has also secured $100 million in financing from Wells Fargo.
Upon exiting the Chapter 11 process, PacSun will operate as a wholly-owned private portfolio company of Golden Gate Capital. At the moment, all of the retailers stores will remain open and all key…
Read the full article at: http://business.transworld.net/news/pacsun-releases-details-behind-bankruptcy-filing-restructuring-plan/