Monday, April 6, 2009

Adrenalina proxy fight resolved

Pacific Sunwear, the Anaheim, Calif. based clothing retailer aimed at teens and young adults, announced that Adrenalina has withdrawn its slate, ending a proxy context for control of PacSun's board of directors.

Adrenalina, remember, is the Florida based company that calls itself the "extreme store." It is headed by Ilia Lekach.

Lekach met PacSun's leading independent director and other bigwigs, and after the meeting all was sweetness and light. Or as Lekach said in a statement, he "appreciated the opportunity to meet with [Peter Starrett] ... and to communicate my ideas for strenghtening PacSun's business."

Adrenalina has not had a great year (see the stock chart above) and it is possible they are fortunate PacSun resisted their embrace -- they might have had a tough time raising the money they would have needed to pay off on last year's bid had it been accepted.

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