Pacific Sunwear Announces Real Estate Restructuring; New Financings With Wells Fargo Capital Finance and Golden Gate Capital

Pacific Sunwear of California, Inc. PSUN announced today the completion of extensive negotiations with landlords that will result in the closure of approximately 175-200 underperforming stores within the next 14 months. The Company also announced the completion of a five-year, $100 million revolving credit facility with Wells Fargo Capital Finance and a five-year, $60 million senior secured term loan funded by Golden Gate Capital, a leading private equity firm with extensive experience in the retail sector.