NEW YORK – Specialty retailer Wet Seal may be offering $15.2 million to buy the assets of bankrupt G&G Retail Group, but even before bidding procedures have been approved by a Manhattan bankruptcy court, the Wet Seal offer has already been outbid by BCBG MaxAzria Group, according to court records.
As reported, G&G filed for Chapter 11 bankruptcy court protection last week. As part of the court documents, the specialty chain submitted a purchase agreement in which it agreed to be bought by Wet Seal. G&G operates 566 stores in 44 states, and operates the G&G and Rave nameplates.
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