Bill Langsdorf was named to the top spot of what remains of the former Wet Seal Inc. following its bankruptcy auction.
Langsdorf is the former chief financial officer of Irvine, Calif.-based action sports retailer Tilly’s Inc. and had been serving as an adviser to Wet Seal since November. He also takes on the titles of president, cfo and secretary at what was renamed Seal 123 Inc.
Meantime, existing management under the former Wet Seal Inc. of Foothill Ranch, Calif., remains in place at what is now called Wet Seal LLC.
Private equity firm Versa Capital successfully acquired Wet Seal in a bankruptcy auction last month in which it beat out B. Riley. The deal, which includes $7.5 million in cash, officially closed last week.
Wet Seal filed for Chapter 11 bankruptcy protection in January following a tough set of years for many teen retailers that also pushed Delia’s Corp. and Deb Shops to also seek bankruptcy protection as pressures mounted for their businesses.
Wet Seal over the past few years has seen a number of false starts to turning its business in which it jumped from one turnaround strategy to the next, including an emphasis on plus sizes and e-commerce to a wind-down of heavy promotions that ultimately created sticker shock for its core group of customers. The company’s struggle to find a game plan that stuck was also labored by additional challenges, including a proxy battle led by activist investor Clinton Group and the departures of former chief executives Susan McGalla and John Goodman.