Anaheim-based Pacific Sunwear of California Inc. has seen investment manager Adage Capital Partners LP of Boston nearly double its stake in the mall retailer to 11.4%.
Adage now owns more than 8 million shares of Pacific Sunwear, according to a filing with the Securities and Exchange Commission.
In April, Adage reported a 6% stake in Pacific Sunwear, which runs stores selling surf-inspired clothes as well as hip hop styles and shoes.
Adage could be betting on a turnaround at Pacific Sunwear, which has slumped for the past year or so but is showing some signs of progress.
