PacSun names new CFO
Teen retailer Pacific Sunwear of California Inc. announced on Wednesday the nomination of Ernie Sibal to chief financial officer.
The nomination follows the resignation of Chris Tedford who was serving as interim CFO. Tedford resigned Friday to “pursue other endeavors”.
Sibal first joined the company in 2008 and most recently held the position of Vice President, Real Estate, Construction and Strategy of PacSun. In this position, he oversaw all aspects of the company’s existing real estate and new store developments, as well as assisted with strategic initiatives. Sibal holds a B.S. in Civil Engineering from Stanford University.
Earlier this month, on April 7, the Anaheim-based retailer filed for bankruptcy protection. The Company has managed to secure a commitment for a flexible draw of $100 million in debtor-in-possession financing from Wells Fargo and is currently undergoing a company restructuring.
Net sales for its 2015 fiscal year were $800.9 million, down by about 3 percent from net sales of $826.8 million recorded in 2014.
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