PACIFIC SUNWEAR ACQUIRES GOOD VIBRATIONS CHAIN
Byline: Jean Palmieri
ANAHEIM, Calif. — Pacific Sunwear has completed its acquisition of Good Vibrations, a 15-unit young men’s and juniors chain, for $9.2 million.
Greg Weaver, chief executive officer of the Anaheim, Calif.-based Pacific Sunwear chain said, “We’ve never done an acquisition before, so it’s a learning process for us. But the two companies are so similar. Good Vibrations is just an extension of what we do.”
Good Vibrations, which posted sales of $17 million last year, sells young men’s casual apparel, juniors, accessories and footwear in regional malls in Florida. Pacific Sunwear operates 221 stores that also target young men’s and juniors.
Weaver said the acquisition will allow Pacific Sunwear to “enhance our presence in Florida. We’ll have nearly 40 stores there now, so we’re continuing to gain share in a market that is very conducive to the selling of casual sportswear.”
He described the Good Vibrations stores as “highly profitable” and sees them having “an immediate positive effect” on Pacific Sunwear’s bottom line.
Weaver said the stores will continue to operate under the Good Vibrations name. “Seven of the 15 stores are located in the same malls [as a Pacific Sunwear store], and they’re both doing very high volume,” he said.
He said there are no immediate plans to open more stores under the Good Vibrations name.