Teen retailer files for Chapter 11 — again

The Wet Seal has filed for Chapter 11 bankruptcy protection for the second time in a little over two years.



The move comes after the struggling teen apparel retailer said it planned to close all its stores after it was unable to find a buyer or fresh capital. The company’s website is still selling merchandise, with all goods discounted.



Store-closing sales will run through Feb. 28 and will be overseen by Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC, Wet Seal said in court papers. Based in Irvine, California, the company listed assets of $10 million to $50 million and liabilities of $50 million to $100 million in its filing.



The Wet Seal’s filing comes on the heels of a bankruptcy filing by Limited Stores which, similar to Wet Seal, is going out of business and not seeking to reorganize.