{"id":50437,"date":"2016-09-07T17:36:37","date_gmt":"2016-09-08T00:36:37","guid":{"rendered":"http:\/\/www.boardistan.com\/?p=50437"},"modified":"2016-09-08T18:56:37","modified_gmt":"2016-09-09T01:56:37","slug":"pacsun-exits-bankruptcy-alive-kickin","status":"publish","type":"post","link":"http:\/\/www.boardistan.com\/?p=50437","title":{"rendered":"PacSun Exits Bankruptcy Alive &#038; Kickin&#8217;"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-31873\" src=\"http:\/\/www.boardistan.com\/wp-content\/uploads\/2012\/08\/pacsun_logo-tm.jpg\" alt=\"pacsun_logo-tm.jpg\" width=\"100\" height=\"37\" \/>It appears that <strong>PacSun<\/strong> will live to sell another <strong>Volcom<\/strong> T-shirt after a court ruling approved its reorganization plan, according to a story in the <a href=\"http:\/\/www.ocregister.com\/articles\/bankruptcy-728231-pacsun-stores.html\"><em><strong>Orange County Register<\/strong><\/em><\/a>.<\/p>\n<blockquote><p>Under the reorganization plan approved Tuesday by U.S. Bankruptcy Judge <strong>Laurie Selber Silverstein<\/strong> in Delaware, PacSun will give all its stock to affiliates of private equity firm <strong>Golden Gate Capital<\/strong>, its senior lender. . .\u00a0In exchange, Golden Gate will reduce the amount it\u2019s owed by PacSun to about $30 million initially from $88 million, <strong>Gary Schoenfeld<\/strong>, the retailer\u2019s chief executive officer, said in an interview. Golden Gate has also agreed to invest $20 million in the company, most likely in form of new debt, he said.<\/p><\/blockquote>\n<p>And presto, $58 million in debt is gone. Wonder how long it will take Mr. Schoenfeld\u00a0to blow through this new $20 million?\u00a0We&#8217;re guessing not long. PacSun may have worked wonders\u00a0on their business, but we doubt any of that is going to bring\u00a0the kids\u00a0back to their mall stores (even though <a href=\"http:\/\/www.benzinga.com\/analyst-ratings\/analyst-color\/16\/09\/8437323\/mall-traffic-is-actually-increasing-among-teens-accordin\"><strong>some research suggests teen mall traffic is actually increasing<\/strong><\/a>).<\/p>\n<p><strong>[Link: <a href=\"http:\/\/www.ocregister.com\/articles\/bankruptcy-728231-pacsun-stores.html\">OC Register<\/a>]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It appears that PacSun will live to sell another Volcom T-shirt after a court ruling approved its reorganization plan, according to a story in the Orange County Register. Under the reorganization plan approved Tuesday by U.S. Bankruptcy Judge Laurie Selber Silverstein in Delaware, PacSun will give all its stock to affiliates of private equity firm [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[10,16,12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50437"}],"collection":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50437"}],"version-history":[{"count":4,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50437\/revisions"}],"predecessor-version":[{"id":50457,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=\/wp\/v2\/posts\/50437\/revisions\/50457"}],"wp:attachment":[{"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50437"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.boardistan.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}