Pacific Sunwear, known as PacSun, has been financially struggling for the past four years. A new report by Bloomberg explains how dire the situation is for the company. PacSun is preparing to file for Chapter 11 bankruptcy. The Anaheim, California based retailer currently operates 613 stores, but it has failed to profit since 2008. PacSun's shares have also dropped 90 percent in the past 12 months.