Wet Seal

Shopping Habits Are Changing, And Teen-oriented Retailers Like Wet Seal Are Among The Casualties

... president and general counsel Michelle Stocke told Irvine employees that Wet Seal would close all locations and lay off its entire staff after the “company was unable to obtain the necessary capital or identify a strategic partner, and was recently informed that it will receive no further financing for its operations,”  according to  the Wall Street Journal. Launched in 1962 in Newport Beach as Lorne’s, after founder Lorne Huycke, the California-themed apparel brand soon changed its name when Huycke’s wife saw a woman modeling a black bathing suit that she thought resembled “a wet seal.”. It expanded across the country in the 1980 s and 1990 s, offering young women a casual, sun-kissed aesthetic. As it grew, the privately held firm rolled out the unisex teen clothier retailer Limbo Lounge and later acquired 200 Contempo Casual stores from Neiman Marcus Group. But in recent years, sales lagged and interest waned. Its reputation suffered after a ...

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Teen Retailer Wet Seal Is Suddenly Closing All Of Its Stores

... more than $1 billion in debt. Following a series of final liquidation sales and the closure of all of its stores, rival sports retailer Dick's Sporting Goods purchased the dead company's IP. Sports Authority. In March 2016, the sports retailer filed for Chapter 11 bankruptcy protection after acquiring more than $1 billion in debt. Following a series of final liquidation sales and the closure of all. more. Photo: Daniel Acker, Bloomberg. Image 9 of 20. Yik Yak. As the Verge so eloquently stated in mid-December 2016, it's "Yak to square one" for this California social media startup. The company laid off 60 percent of its employees, leaving only 20 remaining at the fledgling company. Add to that its user base has been steadily declining and is no longer among the most downloaded apps on the Apple i Store. Yik Yak. As the Verge so eloquently stated in mid-December 2016, it's "Yak to ...

Teen Retailer Wet Seal Explores Options, Including A Sale

... Back To Top. Thank you for your interest in Sourcing Journal. It appears the email address you are using to subscribe is linked to a Corporate group account; however, you have not entered the required code. There is a subscription code available that will allow you to subscribe without a credit card and at no cost to you. If you do not have this code, please click the link below and you will receive an email with the code and a step-by-step guide to subscribe using the code. If you have any issues, or require assistance, please contact us at __link__. Thank you for your interest in Sourcing Journal. It appears the email address you are using to subscribe is linked to a Corporate group account; however, the code you entered does not match the domain for the email address you entered. If you do not have the correct code, please click the link below and you will receive an email with the code and a ...

Struggling Wet Seal Mulls Options, Bankruptcy Likely

... equity firm Versa Capital Management, which bought Wet Seal out of bankruptcy for $7.5 million in cash in 2015, is exploring options for the struggling teen retailer. Those options include liquidating its stores and shifting its focus to e-commerce or selling its assets as a going concern, unidentified sources told the   Wall Street Journal. "We are evaluating a number of strategic options," Wet Seal said in a statement. "No decisions have been made.". Versa declined to comment. In November of 2015, the Foothill Ranch, Calif.-based retailer received confirmation on its liquidation plan, which gave a way for the company to emerge from bankruptcy backed by Versa with 173 stores, compared to the 511 locations it operated prior to filing for Chapter 11. Wet Seal currently operates 171 stores in 42 states including in New York, Washington and Texas. If or when Wet Seal returns to bankruptcy, its case will likely mirror that of American Apparel's, which was filed on Nov. 14, said Jasmin Yang, a bankruptcy attorney at Snell & Wilmer. American Apparel sold its intellectual property for $88 million to Gildan Activewear on Jan. 12, leaving ...

Wet Seal To Close Stores, Lay Off Workers

... $29 million. Today Wet Seal operates 171 stores in 42 states. It employs roughly 3,000 people. Falling mall foot traffic, the onslaught of fast-fashion brands and the growth of e-commerce have led several clothing retailers, including Anaheim-based Pacific Sunwear of California, to file for bankruptcy. A Pac Sun reorganization plan was approved in September. Under the plan, Pac Sun gave its stock to affiliates of private equity firm Golden Gate Capital, its senior lender. Huntington Beach-based Quiksilver filed for Chapter 11 bankruptcy protection in September 2015. In October of that year, the company received court approval for a $175 million financing package with Oaktree Capital Management, which now holds a controlling interest in the company. The company emerged from bankruptcy last February with plans to refocus shops on customer experiences. Aeropostale Inc. filed for bankruptcy in May. A group of buyers led by mall operators Simon Property Group Inc. and General Growth Properties Inc. announced in 2016 they would keep at least 229 of Aeropostale’s locations open. There were approximately 800 ...

Wet Seal Closing All 171 Stores Nationwide, Including At Mall St. Matthews

... eight days, it took a jury just 4.5 hours to reach a verdict. Thursday, January 26 2017 11:34 AM EST 2017-01-26 16:34:17 GMT. Ford's Kentucky Truck Plant in 2015. More than 12,000 hourly Ford workers in Louisville will get profit-sharing checks averaging $9,000 based on the automaker’s 2016 results. It’s the second-largest bonus for Ford’s hourly workers behind last year’s average $9,300 in profit sharing. Friday, January 27 2017 11:45 AM EST 2017-01-27 16:45:53 GMT. It was raining money in the Hoosier state earlier this week. Friday, January 27 2017 1:27 AM EST 2017-01-27 06:27:33 GMT. Despite wins against Kansas and North Carolina, Tom Crean's Indiana team is no lock for the NCAA Tournament. Despite victories against Kansas and North Carolina, Indiana showed it's no lock for the NCAA Tournament while ...