Gordon Brothers, the 114-year-old global advisory, restructuring and investment firm, is acquiring the Wet Seal brand, pending final court approval. Launched in 1990, Wet Seal is a consumer brand known for its surf-and-sun aesthetic targeted at fashion-focused teens.
The acquisition also includes other brands within the Wet Seal portfolio including Arden B, Blink and Chic Boutique. Wet Seal filed for Chapter 11 protection for the second time in February.
Wet Seal was a pioneer in fast fashion, offering on-trend apparel to teen girls and young women. As recently as 2014, the business was doing well with more than $500 million in revenue and 478 retail locations.
“Despite the increasing challenges facing teen retailers, we at Gordon Brothers strongly believe in the long-term viability of the category,” said Ramez Toubassy, president, Brands at Gordon Brothers. “Our plan for Wet Seal is to rebuild and reposition the brand and develop a unique new business model to best position it for future success.”
The transaction is pending final court approval.
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