Pacific Sunwear files for bankruptcy protection

Amid a struggle to remain profitable, teen apparel retailer Pacific Sunwear of California Inc. (Nasdaq: PSUN) yesterday filed for Chapter 11 bankruptcy protection.
 
The Anaheim, Calif.-based company has only posted a profit once in the past six quarters, and its stock has fallen nearly 97 percent in the past 12 months, according to Reuters.
 
The company also owes creditors that include $5.7 million to Nike Inc. and $3.8 million to mall operator Simon Property Group Inc. for occupancy expenses.
 
Court filings show the company listed assets between $50 million and $100 million and liabilities between $100 million and $500 million.
 
Read more from Reuters.