Golden Gate Capital Acquires PacSun and Positions it for the Future
NEW YORK, NY – September 8, 2016 – New York, NY-based RCS Real Estate Advisors, the pre-eminent real estate advisory firm to the retail industry, congratulates client PacSun on the announcement that Golden Gate Capital has completed the acquisition of PacSun, which concluded its restructuring after completing all required actions and satisfying all closing conditions to its Joint Plan of Reorganization (the “Plan”). The Plan was confirmed by the United States Bankruptcy Court for the District of Delaware (the “Court”) on September 6, 2016.
Josh Olshansky, Managing Director at Golden Gate Capital, said: “PacSun offers consumers the most compelling and desirable mix of brands celebrating the California lifestyle. Now, with a strengthened balance sheet, reduced long-term debt and reduced annual occupancy costs, the Company is well-positioned to build a stronger future and achieve long-term success. Gary H. Schoenfeld, PacSun President and Chief Executive Officer, stated: “We are excited to be emerging from a quick and efficient Chapter 11 process as a stronger and more competitive company.
RCS is pleased to have operated as Real Estate Advisor to PacSun and to have been a key part of their successful efforts to restructure.