WET SEAL UNDER NEW OWNERSHIP: Teen retailer The Wet Seal is now officially owned by an affiliate of Versa Capital Management. Versa acquired the retailer while it was under Chapter 11 bankruptcy court protection. The new company name is The Wet Seal LLC, with 173 stores in operation, as well as its online platform. The chain exited bankruptcy court proceedings with a new $15 million senior credit facility provided by Crystal Financial LLC. Existing management will continue with the firm, with Ed Thomas as chief executive officer and Christine Lee continuing as executive vice president and chief merchandising officer. Other members of the senior team are also staying on at the company.
The former publicly-traded, operating company has now been renamed SEAL 123 Inc., and is in the process of winding down operations pending completion of creditor claims and distributions.