Wet Seal news and archive

Versa Capita Management wins bidding race over Wet Seal

Philadelphia-based capital firm Versa Capital Management has been the winning tender in a close bidding race to acquire teen clothing retailer Wet Seal, which filed for Chapter 11 bankruptcy two months ago. “We believe our agreement with Versa provides the best possible outcome for our creditors, employees, customers and other constituents,” Wet...

BusinessFeatured

Wet Seal: where we stand now?

Wet Seal’s bankruptcy, as well as its plans to find some sort of viability, is being closely followed by many in the trade, who see the troubled retailer as that which belled the cat for other teen apparel retailers. After filling for voluntary bankruptcy, Wet Seal plans to survive its Chapter 11 case and emerge as a smaller chain. Thus, the US...

Business

Wet Seal files for Chapter 11 Bankruptcy protection

US teen fashion retailer Wet Seal has filed for bankruptcy protection a little over a week after news broke that the retailer discharged 3,700 employees and shut down 338 stores. According to the filing, the struggling fashion chain listed assets of 10 million dollars to 50 million dollars and liabilities of 100 million dollars to 500 million...

Business

Wet Seal hit with bankruptcy rumours following 338 store closures

Struggling fashion retailer Wet Seal is believed to be slipping closer to a bankruptcy following the closure of 338 stores and the discharge of nearly 3,700 full and part time employees on Wednesday. The store closures came about after "assessing its overall financial condition" and its inability to re-negotiate significant concessions from the...

Design

Wet Seal exits Arden B to focus on namesake brand

The Wet Seal Inc. has announced it is exiting its Arden B business to focus on its namesake brand, Wet Seal, which caters for a younger audience. As revealed by the apparel retailer earlier this month, the group plans to overhaul their current 54 Arden B stores to convert them to either Wet Seal flagship or Wet Seal Plus stores by late July....

Design

Wet Seal adds to Board to fight activist investor back

The Wet Seal Inc. added three independent members Monday to its board of directors to fight back pressure from activist hedge fund Clinton Group Inc, which is leading on a buyout campaign to take over the California-based retailer. "Our three new independent directors all have specific expertise, credibility and networks to help guide the...

Design

Wet Seal Q1 store sales fall 2.9 percent

REPORT_ For the first quarter, Wet Seal has announced results for the first quarter of fiscal 2013 ended May 4, 2013. Net sales for the first quarter were 140.4 million dollars compared to net sales of 147.9 million dollars for the corresponding quarter last year. Consolidated comparable store sales decreased 2.9 percent. Operating income was...