Fine, except that the bottom absolutely fell out of the casual wear market in mid-late 2015/early 2016. Their estimate of being able to hang on was wrong. Things changed quickly and their ability to keep creditors at bay quickly evaporated when Quicksilver went bankrupt in September 2015, but the writing was on the wall when Wet Seal went bankrupt in January 2015. There was little hope for PSUN's retail segment from that point forward.
PSUN was in a desperate situation for a long time before they finally went bankrupt in April. For anyone reading the SEC filings and the financial statements, the surprise wasn't that they went bankrupt, but that they were able to keep going for as long as they did. It had been a question of when, not if, for a long time before April 2016.
Another lesson - believe what you read in the SEC filings over what you hear in conference calls or analyst reports.
