Pacific Sunwear to close 154 stores
Having already closed 74 of its demo chain stores in May last year following a strategic review, American apparel, accessories and footwear retailer Pacific Sunwear of California, Inc. now plans to close its remaining 154 demo stores as soon as possible.
Commenting on the decision, chief executive Sally Frame Kasaks said: "We strongly believe that the best course for enhancing shareholder value is to focus our attention and resources on the PacSun business. We engaged an outside financial advisor to help us carefully evaluate strategic alternatives for demo and have determined on the basis of this review that it is in the best interests of our investors to close our remaining demo stores and concentrate our efforts on our core business."
The company, which currently operates the PacSun, demo, and One Thousand Steps retail chains, has also announced that it will relocate all of its distribution activities to its facility in Olathe, Kansas, and close its distribution centre in Anaheim, California.
