Wet Seal Acquired by Private Investment Firm
Versa Capital Management LLC has won the auction for teen retailer the Wet Seal Inc., which is currently undergoing bankruptcy proceedings. Foothill Ranch, Calif.-based Wet Seal and an affiliate of Versa have entered into an asset purchase agreement which will be presented to the U.S. Bankruptcy Court in Delaware for approval at a hearing scheduled for March 18. Versa's winning bid includes replacement debtor-in-possession financing. Wet Seal had received $20 million debtor-in-possession financing from B. Riley Financial Inc., which allowed it to continue to operate its stores during the reorganization.