Retailer Pacific Sunwear of California Inc. has been approved to exit bankruptcy after cutting down its debt, closing a number of stores across the nation, and convincing landlords to decrease its rent at the malls where the teen-focused clothing-chain does business.
In yet another loss for brick-and-mortar retail stores, Pacific Sunwear has filed for Chapter 11 bankruptcy protection. It follows in the footsteps of retailers like Sports Authority and Wet Seal that have declared Chapter 11 over the past few years.