PACSUN Also Joined The Queue For Bankruptcy.

The youth clothing retailers in the United States should be the fastest and most influential in this capital cold winter.

After American Apparel and A&F went bankrupt or sales fell, another American apparel retailer joined the queue for bankruptcy.

It is reported that the United States

Pacific Sunwear of California (referred to as PACSUN) issued a bankruptcy document recently.

Accompanying this document is the company's fourth quarter earnings and its annual earnings report.

In the fourth quarter of 2015 fiscal year ending January 30, 2016, the total revenue of the company was US $233 million, a slight increase compared to the US $232 million in the same period last fiscal year.

Compared with the same store sales in the four quarter, there was a slight increase of 0.2% in the last fiscal year.

But in the four quarter, the company stores reduced from 605 stores to 601 stores.

Although the group said that the company will complete the pformation with the help of Gold Gate Capital, but because of the current global economic slowdown, capital cold winter and the strong U.S. dollar and other factors, the American Apparel after the completion of the bankruptcy reorganization has become more confused after the completion of the bankruptcy reorganization. Therefore, whether PACSUN can complete the pformation in this positive direction is still a problem.

Due to the insolvency information, PACSUN fell by 37.05% to 0.0598 dollars in the morning.

In addition, annual revenue fell to $801 million a year.

Compared with the previous fiscal year, a decrease of 2.6% was 8 million 500 thousand dollars, and the diluted earnings per share were $0.12, compared with 0.42 in the previous fiscal year.

However, the diluted earnings per share under the influence of the exchange rate were $0.40, compared with 0.03 in the previous fiscal year.

But even positive earnings can not hide the PACSUN's deep water.

According to the documents, the company is currently in debt of 500 million - 1 billion US dollars, and its net assets are only 50 million - 100 million dollars.

Golden Gate Capital, the main creditor of the company, has agreed that the company will convert its 65% debt into a company.

Post shareholding.

At the same time, the company said it had obtained a flexible random loan from Wells Fargo Bank worth 100 million US dollars.