Teen apparel retailer hires financial advisors

Pacific Sunwear of California has hired financial advisors to help deal with its maturing debt, according to The Wall Street Journal.



In 2011, PacSun received a $100 million credit line from Wells Fargo and a $60 million loan from an affiliate of Golden Gate Capital. Both loans will be due in December, the report said.



Similar to other teen retailers, PacSun has been dealing with increased online competition and a shift in teen spending. The company has had three consecutive quarters of declining sales and negative same-store sales.



During the first three quarters of 2015, PacSun reported net sales 3% lower than the year-ago period.



It reported a loss of $3.4 million for third quarter 2015, compared to a net loss of $0.5 million for the year ago period.



PacSun has not yet released its fourth quarter 2015 and full-year results.