Canadian retailer YM in bid for bankrupt U.S. peer Wet Seal: Reuters
Toronto-based retail operator YM Inc is preparing to submit an offer for the intellectual property of The Wet Seal LLC, as the 55-year-old U.S. teen retailer grapples with its second bankruptcy in the past two years, a source told Reuters. YM, which owns Canadian chains Stitches, Sirens and Suzy Shier, plans to submit a stalking-horse bid for Wet Seal's IP, the source said. Wet Seal, which is owned by U.S. private equity firm Versa Capital Management, filed for bankruptcy in February with liabilities between US$50 million and US$100 million after it failed to find financing to continue as a going concern.
28 February 2017•2 mins read
