Pacific Sunwear, after suffering its ninth consecutive year of losses, is filing for Chapter 11 bankruptcy protection. The beach-life clothing store will continue to operate under an agreement with its owner, the private equity firm Golden Gate Capital, which will take it private after it restructures. Golden Gate will convert about two-thirds of PacSun's debt into equity in the reorganized company and provide at least 20 million in additional capital. The company also secured a five-year, 100 million line of credit from Wells Fargo. The bankruptcy filing from Sunwear of California Inc. comes just seven months after surfwear retailer Quicksilver -- another ubiquitous presence in malls during the 1990s -- announced its Chapter 11 reorganization.
Finishing No. 3 could possibly lead to a second-round meeting with the Boston Celtics, who have lost four of five and are limping into the playoffs without Kyrie Irving, who is out for the season. If the 76ers slip to fourth behind Cleveland in the East, they could get top-seeded Toronto in the second round, a potentially much tougher matchup considering the Raptors have won 25 of their last 31 games.