Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The retailer will redesign its site and launch a mobile app.
Web sales and total sales declined for specialty apparel retailer Pacific Sunwear of California Inc. in 2010. But the retailer is going ahead with ambitious e-commerce technology expansion plans for this year.
For the year ended Jan. 29, Pacific Sunwear, No. 220 in the Internet Retailer Top 500, reported:
- Web sales declined 4% to $48.0 million from $50.0 million in 2009.
- Total sales decreased year over year 9.7% to $930.0 million from $1.03 billion.
- Comparable-store sales declined 8%
- Net loss was $97 million compared with a net loss of $70 million in 2009.
Internet Retailer calculates the web accounted for 5.2% of total sales compared with 4.9% in 2009.
Pacific Sunwear doesn’t break out quarterly web sales, but for the fourth quarter reported:
- Total sales decreased year over year 10.2% to $263 million from $293 million in Q4 2009.
- Comparable-store sales declined 7%
- Net loss was $35 million compared with a net loss of $36 million in Q4 2009.
Despite the drop in web sales, Pacific Sunwear is going ahead with plans to redesign it e-commerce site and launch a mobile app, CEO Gary Schoenfeld told Wall Street analysts on the retailer’s recent year-end earnings call.
“We have a number of key initiatives underway online, including the launch of our first mobile app and a significant refresh to our web site,” Schoenfeld told Wall Street analysts. “Additionally, as the year unfolds, our customers will begin to see some more advertising from PacSun both online and through traditional media.”