Pacific Sunwear Stock Sale to Fund Facilities Relocation
- Share via
ANAHEIM — Pacific Sunwear of California Inc. is planning to sell 700,000 shares of common stock, using the proceeds to expand and relocate various facilities, according to documents filed Friday with the Securities and Exchange Commission.
The casual clothing and accessories retailer said it expects to raise as much as $26.8 million.
The retail chain plans to use proceeds of the offering to relocate its Anaheim-based distribution center and corporate headquarters to a site “in close proximity” to its 65,000-square-foot shipping and receiving facility.
According to the SEC filing, Pacific Sunwear’s building has enough space to store goods destined for about 300 stores. The company’s expansion plan calls for the chain to reach at least 320 stores by the end of 1998, creating a shortage of storage space at the existing warehouse.
Pacific Sunwear shares on Friday rose $1.50 to $36.75, a 52-week high.
Robertson, Stephens & Co., Alex. Brown & Sons Inc. and Robinson-Humphrey Co. will underwrite the offering. Pacific Sunwear will have almost 8.84 million shares outstanding after the offering, according to the filing.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
