Pacific Sunwear Grabs $160M Funding For Turnaround

Law360, New York (December 7, 2011, 7:37 PM EST) -- Struggling retailer Pacific Sunwear of California Inc. has charted a path back to profitability by shuttering some 200 stores and obtaining $160 million in new financing from private equity firm Golden Gate Capital and Wells Fargo Bank NA, the company announced Wednesday.

The slumping clothing store replaced its financing package due in April 2013 with a five-year, $60 million senior secured loan from Golden Gate, a leading private equity investor in the retail sector, and a $100 million revolving credit facility from Wells Fargo. PacSun also...
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