Pacific Sunwear Announces Real Estate Restructuring; New Financings With Wells Fargo Capital Finance and Golden Gate Capital; Third Quarter Operating Results; Fourth Quarter Guidance; and Adoption of Shareholder Protection Rights Plan
Third Quarter Same-Store Sales of -3%



Pacific Sunwear of California, Inc. (Nasdaq:PSUN) announced 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.

"The combination of these transactions greatly enhances our financial and operating position, and is another critical step forward as we work to re-establish PacSun as a leading specialty retailer across the U.S.," said Gary H. Schoenfeld, President and Chief Executive Officer. "With the support from all of our major landlords, we can now focus on our targeted base of 550-600 better performing stores and our enhanced merchandising and marketing strategies for becoming the preferred destination among teens and young adults for great style and great brands."

The Company also announced its results for the third quarter of fiscal 2011. Net sales for the third quarter of fiscal 2011 ended October 29, 2011, were $242.0 million versus net sales of $257.9 million for the third quarter of fiscal 2010 ended October 30, 2010. Total Company same-store sales decreased 3% during the period.

"After a soft start to the back-to-school season in early August, our business improved in both men's and women's resulting in same-store sales and non-GAAP loss per share for Q'3 better than we had expected," Mr. Schoenfeld said. "Looking now to the fourth quarter, we were encouraged by double-digit positive comps on Black Friday and a particularly strong response to our new strategies for women's holiday merchandising. Yet seasonal categories in both genders have started off slower than we would have expected resulting in quarter-to-date comp trends similar to the -3% we achieved in Q'3."

Pacific Sunwear of California, Inc. and its subsidiaries is a leading specialty retailer rooted in the action sports, fashion and music influences of the California lifestyle. The Company sells a combination of branded and proprietary casual apparel, accessories and footwear designed to appeal to teens and young adults. As of December 7, 2011, the Company operates 819 stores in all 50 states and Puerto Rico.

More about PSUN at www.pacsun.com.


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