Wet Seal: Versa Capital Management announces acquisition of the brand
Fast fashion retail brand Wet Seal has found a winning bidder for its business in one of Versa Capital Management’s affiliates.
Wet Seal will complete the sale under Section 363 of the Bankruptcy Code through an asset purchase agreement with the Versa Capital affiliate that will be presented to the United States Bankruptcy Court for the District of Delaware. The agreement states that the purchaser will acquire Wet Seal’s assets and replacement debtor-in-possession financing.
Greg Segall, Chairman and CEO of Versa said, "Versa Capital is pleased to have prevailed in our effort to acquire Wet Seal's business. We have been assessing the dramatically shifting landscape in Wet Seal's category for more than a year and determined that Wet Seal, among the many companies we evaluated, was best positioned in the marketplace, and thus we pursued this deal with determination.."
The CEO of Wet Seal, Ed Thomas, followed, "We believe our agreement with Versa provides the best possible outcome for our creditors, employees, customers and other constituents. We are focused on executing an orderly emergence from bankruptcy court supervision and collaborating with Versa to improve the operational and financial performance of the business."
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