Pursuits
Pacific Sunwear Files Bankruptcy as Shifting Tides Cut Sales
- California youth-clothing retailer endured years of decline
- Golden Gate Capital to take over chain in debt-for-equity swap
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Pacific Sunwear of California Inc. filed for bankruptcy protection after what it called years of management blunders that left the youth-oriented clothing chain unable to compete successfully in an increasingly cutthroat retail environment.
The company said it will use its time in court to find a buyer or be taken over by affiliates of the private equity firm Golden Gate Capital, its senior lender.