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Vinik Group Buys Stake in Pacific Sunwear

November 26, 1996|Times Staff and Wire Reports

Investment partnerships affiliated with Jeffrey Vinik acquired a 9.6% stake in Pacific Sunwear of California Inc. The Vinik partnerships and accounts paid a total of $20.2 million to acquire 770,000 shares as an investment, according to a Securities and Exchange Commission filing. The stake has a current market value of about $21.36 million. The group purchased the entire stake at $23.25 to $27.79 a share between Nov. 1 and Nov. 25, according to the filing. Anaheim-based Pacific Sunwear is a mall-based specialty retailer of casual apparel and footwear. The company has 200 stores in 34 states. Vinik formerly managed the Fidelity Magellan fund. Pacific Sunwear shares rose $2 to $27.75 on Nasdaq.

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