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    Tuesday, November 17, 2009

    PacSun Shares Drop On Weak Holiday Forecast

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    By Darryl R. Isherwood
    FOXBusiness
       

      Pacific Sunwear (PSUN) shares plunged more 20% Tuesday after the teen clothing retailer forecast a wider than expected loss in the fourth quarter.

      The company posted a strong third quarter but said sales have fallen sharply in the first weeks of the fourth quarter.

      The company is undergoing a restructuring under new chief executive Gary Schoenfeld, who told analysts sales trends were weak across the country and the company is operating more stores than necessary.

      Shares of Pacific Sunwear shed 23% to $3.88 on Tuesday. 

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