PacSun Shares Rise on Board Member Stock BuyTuesday, June 26, 2012
Anaheim-based Pacific Sunwear of California Inc. closed up more than 10% to a market value of about $108 million after director Brett Brewer purchased 30,000 of the action sports retailer’s shares.
Brewer bought the shares over the prior two trading days at prices ranging from $1.45 to $1.56, according to a Securities & Exchange Commission filing.
Pacific Sunwear is in the midst of shuttering underperforming stores with a real estate plan announced late last year that could see the closing of as many as 200 stores. That would leave it with about 600 stores across the U.S.
The company has been wrestling with a turnaround for several years now, with some improvements seen during the April quarter.
Pacific Sunwear narrowed its loss during the April quarter to $15.6 million. The company had net sales of $173.8 million, up 1% from a year earlier.
Pacific Sunwear reported positive men’s and women’s sales for the first time since 2005 during the April quarter.