Wet Seal Sold at Auction

Boston-based global advisory firm Gordon Brothers’ $3 million bid won a bankruptcy court auction for Wet Seal (Irvine, Calif.).

Still subject to approval by the Delaware bankruptcy court, the deal out-bid Canadian retailer YM Inc., reports Women’s Wear Daily. Wet Seal filed for Chapter 11 on Feb. 11.

“We think there is a business opportunity in both the department stores and the mass channel for a brand such as Wet Seal if we put together the right brand concept,” said Ramez Toubassy, Gordon Brothers' president of brands division.