Pacific Sunwear of California said it has hired a full-time controller with the recent resignation of its vice president and chief financial officer.
Ernie Sibal, who previously served as vice president of real estate, construction and strategy, was tapped to take on cfo duties at the retailer in April and left his post last week. The company did not disclose a reason for Sibal’s departure in the filing and declined comment via a spokeswoman.
The full-time position, effective Aug. 8, will be filled by James Chu, according to the spokeswoman.
Earlier this week, Pacific Sunwear brought on a part-time “experienced financial executive,” according to the company’s filing.
Pacific Sunwear in April filed for bankruptcy in a move aimed at relieving it of a $90 million long-term debt obligation that would have matured this year as well as shrink its real estate base, which at the time of its filing was 593 stores.
The company, in documents filed in bankruptcy court earlier this week, outlined its financial goals in the near term in which it’s projecting $729.2 million in revenue for its 2017 fiscal year ending in January, which would be across an estimated 500 stores. It’s projecting $726.7 million in sales for the 2018 fiscal year, across an expected 475 stores.
The retailer said it also expects to shutter about 40 doors in the next six months.
E-commerce, as with many companies, appears to be a bright spot for Pacific Sunwear, with revenue there expected to rise 15 percent in fiscal-year 2017 and another 15 percent for the following 12 months in which revenue in that channel is projected to climb to $105.1 million.
Pacific Sunwear expects to narrow its losses before turning profitable in fiscal-year 2018 with net income projected to be $1.2 million.