The New York Post is saying that things at action mall retailer PacSun aren’t going as well as many at the company would like.
“Dude — if you can front us some dough to help cover the rent now, there will be a sweet payoff later.”
That, in essence, is the deal that surf-and-skate retailer Pacific Sunwear of California has been floating with private-equity investors as it scrambles for cash to pay the punishing leases for its struggling, mall-based shops. . . In addition to shuttering dozens of its more than 800 stores this year and haggling with landlords for lower rents, PacSun recently hired Los Angeles investment bank Guggenheim Partners to raise cash, sources told The Post.
Sadder news still is that it seems few investors are interested in chaining themselves to the PacSun anchor. Looks like it won’t be long now.
[Link: New York Post]
