Wet Seal LLC filed for bankruptcy protection on Thursday, following reports last week that the struggling teen apparel retailer had closed all its stores after it was unable to find a buyer. The Irving, Calif.-based company listed assets of $10 million to $50 million and liabilities of $50 million to $100 million in a filing with the U.S. bankruptcy court in Delaware. Thursday's bankruptcy filing is Wet Seal's second, following a Chapter 11 filing in 2015.
Total Retail's Take: This is the next step for Wet Seal in dissolving the business. Last week it was reported that the retailer will be closing all of its stores, and this latest bankruptcy filing will enable Wet Seal to settle some of its debt burden. The teen apparel market has been a challenge for many brands, as Aeropostale and American Apparel have each filed for bankruptcy protection in recent years. Without a buyer, Wet Seal is the next retail victim of 2017, joining The Limited and American Apparel.