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PacSun posts Q3 results; will shut 175-200 stores
08 Dec '11
4 min read
Golden Gate is one of the most active private equity investors in the retail and restaurants sector and has extensive experience working with brands in transition. Some of the firm's portfolio companies include Express, J.Jill, Eddie Bauer, Zales and California Pizza Kitchen.
"Golden Gate's deep retail experience, strong track record of working with great brands, and highly flexible investment approach make them an attractive partner for PacSun," Mr. Schoenfeld said. "We look forward to working closely with them along with Wells Fargo which has been a banking partner for several years."
Mr. Olshansky stated, "Taken in the aggregate, these actions will immediately strengthen the Company by improving its liquidity, profitability and the quality of its real estate portfolio. The initiatives announced give the Company and its new management team time and significant additional resources to execute on and accelerate its turnaround plan."
Financial Results for Third Fiscal Quarter of 2011
The Company also announced its results for the third quarter of fiscal 2011. Net sales for the third quarter of fiscal 2011 ended October 29, 2011, were $242.0 million versus net sales of $257.9 million for the third quarter of fiscal 2010 ended October 30, 2010. Total Company same-store sales decreased 3% during the period.
On a GAAP basis, including real estate buyout costs of $1.9 million and non-cash asset impairment charges of $4.4 million related to store closures, the Company reported a net loss of $17.6 million, or $(0.26) per share, compared to a net loss of $7.0 million, or $(0.11) per share, for the third quarter of fiscal 2010, which included non-cash asset impairment charges of $0.6 million related to store closures.
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"Golden Gate's deep retail experience, strong track record of working with great brands, and highly flexible investment approach make them an attractive partner for PacSun," Mr. Schoenfeld said. "We look forward to working closely with them along with Wells Fargo which has been a banking partner for several years."
Mr. Olshansky stated, "Taken in the aggregate, these actions will immediately strengthen the Company by improving its liquidity, profitability and the quality of its real estate portfolio. The initiatives announced give the Company and its new management team time and significant additional resources to execute on and accelerate its turnaround plan."
Financial Results for Third Fiscal Quarter of 2011
The Company also announced its results for the third quarter of fiscal 2011. Net sales for the third quarter of fiscal 2011 ended October 29, 2011, were $242.0 million versus net sales of $257.9 million for the third quarter of fiscal 2010 ended October 30, 2010. Total Company same-store sales decreased 3% during the period.
On a GAAP basis, including real estate buyout costs of $1.9 million and non-cash asset impairment charges of $4.4 million related to store closures, the Company reported a net loss of $17.6 million, or $(0.26) per share, compared to a net loss of $7.0 million, or $(0.11) per share, for the third quarter of fiscal 2010, which included non-cash asset impairment charges of $0.6 million related to store closures.
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Pacific Sunwear of California Inc
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