PacSun Is Reportedly Preparing to File for Bankruptcy

It's no secret that Pacific Sunwear, better known as PacSun, has been struggling financially as of the past few years, but a new report by Bloomberg spells out just how dire the situation is for the fashion retailer. According to insider sources, PacSun is preparing to file for Chapter 11 bankruptcy as early as next week. Currently, the company is buoyed by a $60 million USD loan from private equity firm Golden Gate Capital, but it seems that its fate is all but sealed at this point. Watch this