Pacific Outlook Sportswear Files for Bankruptcy
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ANAHEIM — Blaming a too-rapid expansion, Pacific Outlook Sportswear has filed for bankruptcy protection and laid off 100 employees.
The Anaheim T-shirt printer hopes to reorganize its finances under bankruptcy court supervision and emerge in less than a year, said Bob Santelli, the company’s chairman.
“Our balance sheet was over-leveraged, and we had over-expanded,” Santelli said.
In its Chapter 11 bankruptcy filing in Los Angeles on July 22, the privately held company listed assets of $27.4 million and debts of $38.6 million, Santelli said. He predicted that a “smaller and leaner” Pacific Outlook will emerge.
The company, which once had 800 employees, is down to about 200 employees, Santelli said. He would not say if more layoffs are planned.
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