×
2 602
Fashion Jobs
SHISEIDO
Nars Account Manager - Harvey Nichols London (37.5 Hours)
Permanent · London
ESTEE LAUDER
Clinique - Consultant - m&s Newcastle - 15 Hours - Part Time, Permanent
Permanent · Newcastle upon Tyne
ESTEE LAUDER
jo Malone London - Marketing And Consumer Engagement Director
Permanent · London
AESOP
Retail Consultant | Part-Time, Permanent | Aesop Selfridges Exchange Square, Manchester
Permanent · Central
BOOHOO
Print Sales Account Manager
Permanent · MANCHESTER
VF INTERNATIONAL
dc Team Leader
Permanent · COALVILLE
ESTEE LAUDER
Mac Cosmetics - Business Manager - Mac Stratford2, London - 37.5 Hours / Week - Full Time, Permanent
Permanent · London
HARRODS
Brand Manager
Permanent · LAKESIDE
HARRODS
Uniformed Security Officer
Permanent · LONDON
VF INTERNATIONAL
Senior Distribution Systems Specialist
Permanent · COALVILLE
ESTEE LAUDER
Bobbi Brown, la Mer And Darphin - CRM & Insights Assistant
Permanent · London
HARRODS
Food Supply Manager
Permanent · LONDON
JOHN LEWIS
Loss Prevention Partner
Permanent · CAMBRIDGE
HEAD OFFICE
Cyber Security Lead – Incident Response
Permanent · BRACKNELL
HEAD OFFICE
Delivery & Operations Manager
Permanent · BRACKNELL
BOOHOO GROUP
Product Manager
Permanent · MANCHESTER
DEBENHAMS
CRM Executive
Permanent · LONDON
PRETTYLITTLETHING
Business Analyst
Permanent · MANCHESTER
PRETTYLITTLETHING
Buying Admin Assistant
Permanent · MANCHESTER
BOOHOO GROUP
Warehouse Operative - pm Shift
Permanent · WELLINGBOROUGH
BOOHOO GROUP
Product Insights Manager
Permanent · MANCHESTER
BOOHOO GROUP
Technical Delivery Manager
Permanent · MANCHESTER
Ads
By
Reuters
Published
Mar 2, 2017
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Liquidator Gordon Brothers reportedly wins auction for Wet Seal

By
Reuters
Published
Mar 2, 2017

Liquidator Gordon Brothers Group won the auction on Thursday for the intellectual property of the Wet Seal LLC with a bid of $3 million, besting the $1.5 million initial offer from Canadian retailer YM Inc, people familiar with the matter said.


Wet Seal



Founded as a "bikini shack" in Newport Beach, California, in 1962, Wet Seal filed for bankruptcy last month with a plan to close its approximately 142 stores located primarily in U.S. malls. Hilco Streambank was hired to sell the teen retailer's intellectual property and brand.

Other U.S. specialty apparel chains, including the Limited, American Apparel and Aeropostale, have also filed for bankruptcy in recent months, as the retail sector undergoes a major upheaval due to changing tastes and the advent of internet shopping.

A U.S. bankruptcy court judge must still approve the sale, the four sources said, asking not to be identified ahead of a public announcement. Gordon Brothers and Versa Capital Management, the private equity owner of Wet Seal, declined to comment. YM did not immediately respond to a request for comment.

Wet Seal filed for bankruptcy for the first time in 2015 as it fell victim to the fast fashion-craze attracting the attention of its young, female customer base. Versa bought Wet Seal out of that bankruptcy, but failed to find financing for the business to continue as a going concern.

Wet Seal filed its second Chapter 11 in February with liabilities between $50 million and $100 million.

Gordon Brothers, primarily known as a liquidation firm, also revives dormant brands it often acquires out of bankruptcy through its brand investing arm.

The firm was part of a joint venture that bought electronics brand the Sharper Image out of bankruptcy, which it later sold to brand licensor Iconix Brand Group Inc for $65.6 million.

Gordon Brothers' other brands have included home goods line Linens 'N Things and furniture label Bombay & Co. Gordon Brothers also currently owns camera brand Polaroid.

Gordon Brothers had already been working on store closing sales for Wet Seal with the help of liquidator Hilco Merchant Resources LLC, according to bankruptcy court documents.

YM, which owns Canadian chains Stitches, Sirens and Suzy Shier, made a stalking horse offer for Wet Seal earlier this week.

An affiliate of YM bought the parent company of women's chains Mandee and Annie Sez out of bankruptcy about four years ago.

 

© Thomson Reuters 2022 All rights reserved.