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8-K - FORM 8-K - PACIFIC SUNWEAR OF CALIFORNIA INC | a59313e8vk.htm |
Exhibit 99.1
CONTACT:
Gary H. Schoenfeld
President and Chief Executive Officer
(714) 414-4646
Gary H. Schoenfeld
President and Chief Executive Officer
(714) 414-4646
FOR IMMEDIATE RELEASE
PACIFIC SUNWEAR ANNOUNCES MICHAEL KAPLAN HIRED AS SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
CHIEF FINANCIAL OFFICER
ANAHEIM, CA., April 20, 2011 Pacific Sunwear of California, Inc. (NASDAQ:
PSUN, the Company) today announced that Michael Kaplan will join the Company as
Senior Vice President and Chief Financial Officer, effective May 2, 2011. He
will be replacing Mike Henry who became interim CFO in November 2007 and was
named CFO in January 2008.
Michael is a highly regarded, operations-oriented financial executive with
extensive experience in a number of critical areas including inventory
management, cost control, real estate and store labor, said Gary H. Schoenfeld,
President and Chief Executive Officer. His 16 years at Disney and five years
combined as CFO of the Gap Outlet division and then CFO/SVP for Banana Republic
gives him an excellent background for joining PacSun and rounding out the
executive team that we have been building over the past year and a half.
Most recently, Mr. Kaplan was Chief Financial Officer of Harbor Freight Tools, a
privately held 349-store retailer of proprietary branded tools. Prior to joining
Harbor Freight Tools in 2010, he was a senior executive of Gap, Inc. from 2005 to
2010. From 1989 to 2005, Mr. Kaplan held various financial positions with The
Walt Disney Company including Vice President of Financial Planning and Control
for the Disneyland resort division from 2001-2005.
Mr. Kaplan is a CPA and a graduate of the University of California at Los Angeles.
Mr. Schoenfeld concluded, I would like to thank Mike Henry for his many years of
service to PacSun, and we wish him well in his future endeavors.
About Pacific Sunwear of California, Inc.
Pacific Sunwear of California, Inc. and its subsidiaries (collectively, the
Company or PacSun) is a leading specialty retailer rooted in the action
sports, fashion and music influences of the California lifestyle. The Company
sells a combination of branded and proprietary casual apparel, accessories and
footwear designed to appeal to teens and young adults. As of April 20, 2011, the
Company currently operates 828 stores in 50 states and Puerto Rico. PacSuns
website address is www.pacsun.com.
3450 E.
Miraloma Avenue, Anaheim, CA 92806
Pacific Sunwear Safe Harbor
This press release contains forward-looking statements. In each case, these
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. The Company intends that these
forward-looking statements be subject to the safe harbors created thereby. These
statements are not historical facts and involve estimates, assumptions and
uncertainties that could cause actual results to differ materially from those
expressed in such forward-looking statements. Uncertainties that could adversely
affect the Companys business and results include, among others, the following
factors: increased sourcing and product costs; adverse changes in economic
conditions generally; adverse changes in consumer spending; changes in consumer
demands and preferences; higher than expected same-store sales declines; higher
than anticipated markdowns and/or higher than estimated selling, general and
administrative costs; currency fluctuations; competition from other retailers
and uncertainties generally associated with apparel retailing;
merchandising/fashion risk; lower than expected sales from private label
merchandise; reliance on key personnel; economic impact of natural disasters,
terrorist attacks or war/threat of war; shortages of supplies and/or contractors
as a result of natural disasters or terrorist acts, which could cause unexpected
delays in store relocations, renovations or expansions; reliance on foreign
sources of production; and other risks outlined in the Companys filings with the
Securities and Exchange Commission (SEC), including but not limited to the
Companys Annual Report on Form 10-K for the year ended January 29, 2011, and
subsequent periodic reports filed with the SEC. Historical results achieved are
not necessarily indicative of future prospects of the Company. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date hereof. The Company assumes no obligation to update or
revise any such forward-looking statements to reflect events or circumstances
that occur after such statements are made. Nonetheless, the Company reserves the
right to make such updates from time to time by press release, periodic report or
other method of public disclosure without the need for specific reference to this
press release. No such update shall be deemed to indicate that other statements
not addressed by such update remain correct or create an obligation to provide
any other updates.
3450 E. Miraloma Avenue, Anaheim, CA 92806