We’ve always wondered how mall retailers stay in business. Apparently, they just keep borrowing more money. Pac Sun just announced that on August 20, 2010 they borrowed $29.8 million more, according to a Form 8-K filed with the SEC.
On August 20, 2010, Pacific Sunwear of California, Inc. (the “Company”), through its wholly-owned subsidiaries, Miraloma Borrower Corporation, a Delaware corporation (“Miraloma”), and Pacific Sunwear Stores Corp., a California corporation (“PacSun Stores”), executed two promissory notes pursuant to which borrowings in an aggregate amount of $29.8 million from American National Insurance Company (“Anico”) were incurred.
Because no one has more money than the insurance companies. . . and this will probably help get Pac Sun around the corner, right?
[Link: SEC]
Awesome. The new CEO is not stranger to borrowing money to keep the dream alive. Gary pulled a rabbit out of his hat at Vans (along with a good team), let’s see if he can do it again at PAC. Best wishes to Pac Sun, we need them to stay alive.
FYI: Pac sold their building a couple years back to stay alive. They burnt through that cash, lets hope they don’t burn through this $29.8 M.
Pac Sun is like totally awesome! I totally need a new puka shell necklace. I also love their super core staff. Experts in surf and skate culture and also super up to date on all my favorite reality shows. I also love Hollister ranch, the smell of those shops is like totally awesome, ahaaa
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