One of the top teen retailers from a decade ago might file for bankruptcy
Instagram/PacSun
Pacific Sunwear has lost its cool.
The formerly popular teen mall staple is allegedly preparing to file for Chapter 11 bankruptcy, Bloomberg has reported.
Bloomberg points to some scary numbers: The company has reported only financial losses since 2008, and its shares have been plummeting this year.
The Wall Street Journal reports that the filing is anticipated to happen around the end of this month, though nothing is entirely certain at this juncture.
The Journal also notes that the company has roughly $160 million in debt, and had hired FTI Consulting Inc. and Guggenheim Securities to help it figure out how to restructure.
It appears that even PacSun's line from teen favorites Kendall and Kylie Jenner hasn't even saved the retailer from its dire fate.
It's already a tough time to be a retailer. Malls have been shuttering, and many traditional mall stores are reporting similarly dire conditions — Quiksilver and American Apparel filed for bankruptcy last year.
Many mall retailers are saying that they are struggling to get consumers to pay full price for their products.
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