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Details on Industry Insight.
I missed this release Friday afternoon, which contains important information about Pacific Sunwear closing the sale of its distribution center. The closing is good news for the company's cash position. So far today, the company's stock is up nearly 4 percent to $1.10.
Here is the release:
Pacific Sunwear Completes Sale of Anaheim Distribution Center
Friday November 21, 5:42 pm ET
ANAHEIM, Calif., Nov. 21, 2008 (GLOBE NEWSWIRE) -- Pacific Sunwear of California, Inc. (NasdaqGS:PSUN - News) (the ``Company') announced today that it has closed the sale of its Anaheim Distribution Center. The Company has received net cash proceeds of $24.5 million from the transaction. The Company expects to record an after-tax gain of approximately $0.10 per diluted share from the transaction in the fourth quarter of 2008.
About Pacific Sunwear of California, Inc.
Pacific Sunwear is a leading lifestyle specialty retailer rooted in the youth culture and fashion vibe of Southern California. The Company sells casual apparel with a limited selection of accessories and footwear designed to meet the needs of teens and young adults. As of November 1, 2008, the Company operated 815 PacSun stores and 125 PacSun Outlet stores for a total of 940 stores in 50 states and Puerto Rico. PacSun's website address is http://www.pacsun.com.