Included in the sale are trademarks, domain names, customer databases and the e-commerce platform. The assets are being sold pursuant to Section 363 of the Bankruptcy Code in Wet Seal’s Chapter 11 case pending in the U.S. Bankruptcy Court for the District of Delaware.
At its height, Wet Seal, operated more than 500 stores in 48 states, building tremendous brand awareness. Recently, the chain has re-tooled to a smaller 170 store footprint and leveraged its broad awareness through its online store.
“The Southern California style epitomized by Wet Seal’s continues to resonate with its strong customer base,” said Hilco Streambank EVP David Peress. “The Wet Seal ecommerce platform and IP asset portfolio provides the opportunity to reach this customer through multiple digital and store based channels.”