Pacific Sunwear Preparing for Chapter 11 Bankruptcy Filing

Struggling surfwear chain Pacific Sunwear of California Inc is preparing to file for bankruptcy, Bloomberg reported late on Monday, citing people with knowledge of the situation. The company's shares fell as much as 70.4 percent to 10 cents in heavy trading on Tuesday. Pacific Sunwear, which has posted annual losses since 2008, did not immediately respond to a request for comment.