PacSun Q4 Sales Off 8.5%
PacSun released fourth quarter sales data today in which it posted an 8.5% decrease in revenue and forecast a larger-than-expected first quarter ‘09 loss.
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ADMIN
- March 12 2009 | 146 views
pacsun
PacSun Releases 10-K
Publicly traded companies are required to provide investors with year-end results. These things generally come in the form of a 10-K statement. Reading one of these documents is slightly more fun that swallowing a handful of thumb tacks, but there’s a ton of information jammed in there about the respective company’s performance over the past few years. In this case, we’re talking about Pacific Sunwear Of California, Inc.
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josh hunter
- April 01 2009 | 534 views | 1 comment
Transworld Business Retail Round Up: February 2009
In this installment of Retail Round Up we examine how specialty stores and department stores are performing based on same-store sales results over that past fourteen months.
» Read Full Story josh hunter
- March 05 2009 | 955 views
FRIDAY FREE FOR ALL: Is The Industry Too Dependent On PacSun?
Transworld Business is launching a new column on the site called Friday Free For All. The idea is to get some productive discussion flowing on the site’s message boards, entice readers to register and create user profiles, and provide a free forum for the actionsports industry to hash out important issues. Enjoy!
» Read Full Story josh hunter
- February 20 2009 | 1,231 views | 19 comments
PacSun Responds To Adrenalina CEO Ilia Lekach
Pacific Sunwear Of California, Inc. (PSUN) just released an official response letter to Adrenalina Chairman and CEO, Ilia Lekach. Lekach wrote a letter to PacSun CEO Sally Frame Kasaks initiating a proxy contest, demanding Kasaks’ resignation, and nominating four board members on February 12.
» Read Full Story josh hunter
- February 17 2009 | 1,063 views | 9 comments
Adrenalina Criticizes PacSun Performance; Calls For CEO’s Resignation
Adrenalina announced Wednesday, February 12, that it has nominated four director candidates for election to the Pacific Sunwear board, according to an article published on Businesswire.com. Adrenalina also sent a letter to PacSun Chairman and CEO Sally Frame-Kasaks, calling the company out for not accepting Adrenalina’s offer to buy the company at $5 per share, and for ignoring its pleas to discuss ideas for enhancing shareholder value, according to the report. Adrenalina owns 2,097,313 shares in the aggregate, or approximately 3.2% of PacSun’s shares. The letter also calls for Frame-Kasaks’ immediate resignation. Here’s a direct excerpt from the letter, as published on Businesswire.com:
“For a Company whose focus is on “cost reduction actions,” we note that you continue to handsomely reward yourself with compensation. You conveniently say that the Company needs to “be prudent” in managing its costs. Why haven’t you reduced your take-home salary significantly? We were not surprised to see management and the Board take such a self-serving position, considering the ease with which management has generated cost savings by eliminating a vast number of corporate positions while presumably leaving its own bloated compensation intact. As an example, we note that your compensation in 2007 was over $3 million, more than 60% of the estimated savings achieved by the Company’s recent elimination of 47 positions at its Anaheim headquarters and 10 field management positions. This Board and management team collectively own just over 1% of the outstanding shares and therefore have no significant ownership stake. Clearly, while stockholders have suffered mightily, the wallets of this Board and management team with little “skin in the game” have gotten fatter. ”
Read the entire press release and letter HERE.
ADMIN
- February 12 2009 | 1,067 views | 18 comments
PacSun Will No Longer Announce Monthly Sales Results
According to a report on CNNMoney.com, PacSun will discontinue monthly sales reports.
From CNN:
“Struggling apparel retailers Chico’s FAS Inc. (CHS) and Pacific Sunwear of California Inc. (PSUN) said they will no longer report monthly sales results. Pacific Sunwear also said it will only provide earnings guidance on a quarter- by-quarter basis “in light of the unprecedented and uncertain nature of the current economic and consumer environment.”
Based on the company’s comp-store sales over the past thirteen months it’s not hard to figure out why.
josh hunter
- February 05 2009 | 647 views | 5 comments
Transworld Business Retail Round Up: January 2009
In an effort to provide our readers with the most comprehensive coverage of the current retail climate as possible, Transworld Business has developed a new monthly column we’re calling Retail Round Up. In this installment we examine how specialty stores and department stores are performing based on same-store sales results over that past thirteen months.
» Read Full Story josh hunter
- February 05 2009 | 889 views | 13 comments
PacSun Cuts 57 Positions
Pacific Sunwear of California Inc. plans to cut 57 positions from its headquarters and field management staff in an effort to reduce costs. This represents about 11 percent of the management team.
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mike lewis
- February 02 2009 | 404 views | 2 comments
PacSun Announces Layoffs
PacSun has announced a workforce reduction resulting in the elimination of 47 positions at the Company’s Anaheim headquarters and 10 field management positions. This action reduces the Company’s headquarters and field management staff by approximately 11 percent.
» Read Full Story josh hunter
- January 28 2009 | 2,152 views | 41 comments
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