Wet Seal Files for Bankruptcy
Teen-focused retailer Wet Seal files for bankruptcy protection for the second time in two years and is closing its stores. The Irvine, CA-based chain hired Gordon Brothers Retail Partners to run going-out-of-business sales through month’s end. Wet Seal, which was purchased out of bankruptcy in 2015 by Versa Capital Management for $7.5 million, operated 142 stores in 37 states. At its peak, the chain had 504 stores in 47 states. Wet Seal joins a string of teen-focused retailers that filed for bankruptcy protection in recent years, including The Limited, Pacific Sun and Delias.
