By  on December 7, 2011

Struggling teen retailer Pacific Sunwear Inc. on Wednesday snagged a key $60 million five-year term loan from Golden Gate Capital and said it would use a portion of that money to help it close upward of 200 stores over the next 14 months.

PacSun, which more than doubled its third-quarter net loss, also gave Golden Gate two board seats and the right to buy 19.9 percent of its stock, or 16.7 percent on a fully diluted basis, at $1.75 a share.

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