Less than 10 days after Wet Seal announced that it would close about two-thirds of its stores, the teen retailer filed for Chapter 11 bankruptcy protection.
But unlike many of its counterparts, that doesn't mean the company is throwing in the towel just yet. Wet Seal is working with B. Riley Financial on a plan to emerge from Chapter 11 and reorganize its operations.
"After careful consideration, the board of directors unanimously concluded that filing for Chapter 11 was the appropriate course of action for the company," CEO Ed Thomas said. "Overall, we continue to believe in The Wet Seal and remain committed to executing on the strategic steps that we already started."