In an announcement on Tuesday, December 9, Pacific Sunwear announced that Thomas M. Kennedy, who was the division President of PacSun since 2004, was resigning to pursue other interests. Kennedy was in charge of all of PacSun’s merchandising, design, and marketing. Before taking on the position at PacSun, Kennedy was the president of Global Lifestyle Apparel for Nike for 3 years.
In a statement by PacSun’s chairman and CEO Sally Frame Kasaks: “We very much appreciate Tom’s contributions to the business during his tenure, and wish him the best in his future endeavors.”
This comes at a time when PacSun has been feeling the economic crisis like many other youth culture lifestyle retailers but perhaps even more so. Their total sales report from fiscal November 29th ended at $101 million, which was a decrease from 8% at 110.2 million in the same period last year. Previously, total sales for the third quarter ending Nov. 1, 2008, were $323.6 million, a 5% decrease from total sales of $341.9 million for the third quarter ended Nov. 3, 2007. Total company same-store sales decreased 7% during the third quarter of fiscal 2008.