Gordon Brothers is acquiring the Wet Seal brand, pending final court approval. Launched in 1990, Wet Seal is an iconic consumer brand known for its surf-and-sun aesthetic targeted at fashion-focused teens.
Hilco Streambank has been retained to market and sell the intellectual property assets of teen clothing retailer Wet Seal, in accordance with the company’s pending Chapter 11 case.
Teen retailer Wet Seal has filed Chapter 11 for the second time. Hilco Merchant Resources and Gordon Brothers Retail Partners have been authorized by the court to liquidate the company’s 171 stores.
Wet Seal reportedly received initial approval from a bankruptcy judge January 20, 2015, to proceed with DIP financing from B. Riley, despite a last-minute offer from Versa Capital offering attractive financing terms.