Shares of Pacific Sunwear of California Inc. jumped 16.1 percent in late afternoon trading Friday after it was disclosed that the company has hired advisers to help it determine what to do with its debt load.
The teen retailer reportedly has hired investment bank Guggenheim Securities as financial adviser and FTI Consulting Inc. as its restructuring expert. The company has $160 million in debt that is due to mature later this year. The debt consists of a $100 million revolving loan with Wells Fargo Bank NA and a $60 million term loan backed by private equity firm Golden Gate Capital. Neither executives at Guggenheim nor FTI returned a request for comment. Officials at Pacific Sunwear could not be reached for comment.
Trevor Andrew, the artist known for his Gucci Ghost collaboration with Gucci, hit Complexcon last weekend to launch his fist line, Real Buy. The streetwear line includes jackets, short- and long-sleeve T-shirts, each with one of the artist’s seven designs, reports @ariahughes .
Kane Brown didn’t take the traditional road to country music stardom, writes @jeanpalmieri .
Instead of cutting his teeth in church and dive bars throughout the South, Brown made a splash on Facebook by releasing several covers of country classics — George Strait’s “Check Yes or No” and Lee Brice’s “I Don’t Dance” among them — that soon went viral. “I was working at FedEx and Target and just doing it for fun,” he said of the videos. “I put it on social media and got around 50 likes. Then I woke up one day and saw that it had gone viral overnight.” Read more on WWD.com 📸: @georgechinsee