PacSun, No Longer Cool Among Teens, To Close Up To 200 Stores
Pacific Sunwear, once the go-to clothing shop for beach-loving teens who grew up wearing Rainbow sandals and watching The O.C., is wiping out up to 200 stores across the country in an attempt to turn its financial fate around.
The Anaheim-based company has seen slumping sales in recent years -- the fickle youth set, apparently, has fled to competitors such as action-sports retailer Zumiez and cheap-chic chain Forever 21. On Wednesday, it announced that it has received $160 million in financing to get back on track to profitability, and part of its plan to do so includes shutting down its weaker shops in the next 14 months. No word on which locations will close.
The chain has also changed its women's design and merchandising team, and plans to target an older teen and early-20s audience, according to the Los Angeles Times.
PacSun was founded by Tom Moore in 1980 as a surf shop in Newport Beach. The company currently has about 800 retail stores.