Pacific Sunwear's Stock Plunges To Record Lows On Heavy Volume

Pacific Sunwear of California Inc. is another surf-influenced-apparel retailer to see its stock plunge to penny-stock territory on Wednesday, after the company disclosed late Tuesday that it received a delisting notice from the Nasdaq, and reported an adjusted loss per share for an eighth-straight quarter, and 19th in the last 20 quarters. The stock plummeted 37%, putting it on track to close at the lowest price since it went public in March 1993. Volume of 7.1 million shares is about 12 times the full-day average, according to FactSet. The company said in a regulatory filing late Tuesday that the Nasdaq's delisting notice was because the stock has not equaled $1 at least once for 30-straight days. The company has 180 days--until Feb. 29, 2016--to regain compliance. The company said in the same filing that its chief financial officer, Michael Kaplan, has left the company. It named Controller Chris Tedford as interim CFO effective Tuesday. Back in June, the company said it had enough cash available, including through a credit facility, to fund operations for another 12 months. Pac-Sun's stock plunge happens on the same day fellow surf-apparel retailer Quiksilver Inc. declared bankruptcy. The stock remains halted, and will be delisted from the Nasdaq following the bankruptcy filing; it traded below 10 cents a share overnight before the halt.