Outlook is poor for shoe retailer
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Pacific Sunwear of California Inc. said it did not expect its One Thousand Steps shoe stores to generate enough money over the life of their leases to recoup the Anaheim company’s initial investment in the chain.
As a result, the surf and skate apparel retailer said it would take a second-quarter impairment charge of about $10 million, or 9 cents a share.
If the company decides to close any or all of the nine stores, it will take additional charges, a Securities and Exchange Commission filing said.
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