No other bidders have emerged for PacSun during the bankruptcy process, so an auction scheduled for June 22 has been cancelled, according to court documents.
That means the winning bidders are affiliates of Golden Gate Capital, the holder of PacSun’s secured debt and the group that is sponsoring PacSun’s restructuring.
PacSun is continuing to negotiate with landlords for rent relief and has not started rejecting leases yet, according to court documents. The company has until Nov. 3 or until its bankruptcy plan is formally approved, whichever happens first.
The next big hearing in the bankruptcy case is scheduled for June 27.
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