PROCOPIO: Seminar 1/31 at Snow Show on IP strategies.
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Details on Industry Insight.
Updated Tuesday afternoon: Greek Investments now owns 26.5% of the outstanding stock of Pacific Sunwear according to documents released today. It bought an additional 700,000 shares Friday to bring its total shares owned to 17.6 million.
A company called Greek Investments Inc. has amassed a 25% stake in Pacific Sunwear.
Greek Investments currently owns 16.8 million shares according to a document it filed with the SEC on Friday.
From what I can tell going back in filings, the company began amassing its stake last year.
PacSun’s challenging fourth quarter did not slow Greek Investment’s acquisition pace. In fact, Greek Investments bought 2.5 million shares last week after PacSun’s earnings conference call on Tuesday, documents show.
In other documents filed with the SEC, Greek Investments said it is buying the stock for “investment purposes only.” Money used to acquire the stake is from personal funds or margins from securities.
The two directors listed for Greek Investments are Jorge Constantino and Panayotis Constantino. The two are Venezuelan citizens, according to the documents, but live at the same address in Athens, Greece.
Greek Investment’s physical address is in the Turks and Caicos Islands, and its mailing address is in Puerto Rico.
I asked PacSun CEO Gary Schoenfeld if he knew why Greek Investments is buying so many shares and if he is in touch with them.
Gary said via email, “We met at one of our stores a few weeks ago. I can't speak for them but from what they have said, they believe in our strategy and the team that we have assembled.”
I could not find any contact numbers for Greek Investments so was not able to ask them directly.
The company also has big stakes in other publicly traded companies according to its latest beneficial ownership reports filed in February with the SEC.
Greek Investments owns 6.15% of the outstanding stock of BFC Financial Corp., a 8.72% stake in restaurant chain Ruby Tuesday, a 10.53% stake in Pier 1, and a 9.78% stake in restaurant chain Cosi.