RIP Puka Shell Necklaces: PacSun Just Filed For Bankruptcy
Bad news, Bros! A little part of your teenage self just died. Pacific Sunwear of California Inc. a.k.a. PacSun is filing for
Chapter 11 bankruptcy protection. Apparently things have been rough
since Puka Shell necklaces went out of style and every damn person on
the Internet started selling quirky graphic novelty tees. According to Bloomberg,
the company is in dire straights: PacSun has recorded losses for the
past eight years. The company’s publicly-traded shares to nosedive 90
percent in the last 12 months. With shares dipping to six cents, the
company is being pulled out of the markets and going private under a
restructuring agreement.
(BroBible.com)
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