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Retail and Apparel News: Pacific Sunwear, G-III
Thursday, December 8, 12:32 PM ET

Teen apparel retailer Pacific Sunwear (NASDAQ:PSUN) announced store closures, financing and third quarter results late yesterday.

The company said it had completed negotiations with landlords that will result in the closing of 175-200 underperforming stores within the next 14 months. The company arranged for 75 lease buyouts, 50 short-term lease extensions and lease terminations upon expiration for about 115 stores.

PacSun also said it has completed a new five-year $100 million revolving credit facility with Wells Fargo (WFC) and has secured a five-year $60 million senior secured term loan from private equity firm Golden Gate Capital.

For the third quarter, the company said it recorded a loss of $17.6 million, or $0.26 per share, compared to a loss of $7 million, or $0.11 per share, last year.

An adjusted loss of $0.10 per share was narrower than analysts anticipated.

Sales fell to $242 million from $258 million in last year's third quarter, on same-store sales declines of 3%.

News of the store restructuring is sending PacSun shares higher Thursday.

Also late yesterday, G-III (NASDAQ:GIII) Apparel Group posted third quarter earnings of $43.6 million, or $2.16 per share, compared to $42.7 million, or $2.16 per share, last year.

The manufacturer of clothing and accessories under brands including PVH's (NYSE:PVH) Calvin Klein, Kenneth Cole, Cole Haan, and Guess (NYSE:GES) said revenue rose 13%, to $510 million.

Results beat analyst estimates, sending shares higher Thursday.

For MarketNewsVideo.com, I'm Sayoko Murase.

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