The bankrupt retailer did $500 million in business in 2014
Restructuring firm Gordon Brothers has purchased bankrupt “fast fashion” brand Wet Seal.
The Wall Street Journal puts the purchase price at $3 million.
Launched in 1990, teen-oriented Wet Seal at one point comprised 478 retail stores, and as recently as 2014, it had over $500 million in annual revenue.
The purchase includes several related brands, including Arden B, Blink, and Chic Boutique. It is pending court approval.
“Our plan for Wet Seal is to rebuild and reposition the brand and develop a unique new business model to best position it for future success,” said Ramez Toubassy, president of brands for Gordon Brothers, in a statement.
The retailer filed for Chapter 11 last month.