Not even the Kardashian/Jenners could save Pacific Sunwear. On the heels of the release of a collection with the reality television family’s youngest members – the result of a licensing deal – struggling surfwear chain Pacific Sunwear is preparing to file for bankruptcy, Bloomberg has reported. Pac Sun, which operates about 600 stores and has posted annual losses since 2008, did not immediately respond to a request for comment. The Chapter 11 filing could come as soon as next week.
According to a report from Bloomberg, the situation remains fluid, and the timing could change. Pacific Sunwear, which has been unable to avoid the sluggish retail spending environment and increasing competition from fast fashion and online rivals, reported long-term debt of $97 million and $11.3 million of cash and cash equivalents as of October.