The Wet Seal, LLC and two if its affiliates filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Case No. 17-10229). The Wet Seal, a teen clothing retailer, which emerged from Chapter 11 in early 2015 after being purchased by Versa Capital Management LLC. As reported last week, Wet Seal will close all of its stores after being unable to find a new source of capital or a buyer. Wet Seal has filed an emergency motion to assume its contracts with two liquidators— Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC—and for court approval of store closing sales. The First Day Declaration has not yet been filed. Donlin, Recano & Company is the proposed claims and noticing agent. The cases have been assigned to the Honorable Christopher S. Sontchi.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.