Financo to advise Pacific Sunwear on demo

ANAHEIM, Calif. Pacific Sunwear of California today announced that it has retained Financo as its financial advisor to identify and explore strategic alternatives for the company's 154 demo stores.

On Oct. 24, the company announced that it was exploring strategic alternatives for its demo stores. In addition, the company said it would close its One Thousand Steps stores.

"We believe the best way to enhance shareholder value at this time is to focus management's attention and capital on the core PacSun business. Over the past two years, our demo team has made many efforts to improve this business. However, as is evidenced by our demo division comp-store sales, the urban streetwear business has been very challenging. At this time, the board has chosen to explore strategic alternatives for this division," stated Sally Frame Kasaks, ceo of Pacific Sunwear.