PacSun's Bankruptcy Woes Take Another Turn as Auction for Its Assets is Cancelled

Surfwear brand PacSun filed for bankruptcy protection earlier this year after revealing a fourth-quarter loss of $10 million USD. In the months following the announcement, the company had planned to auction off its assets on June 22 to a "higher bidder and better offer" than what private equity firm Golden Gate Capital had set for its reorganization. Unfortunately, the cancellation means that the San Francisco-based firm will acquire PacSun since no bids were offered by the June 15 deadline. The...