BOSTON, March 3, 2017 /PRNewswire/ -- Gordon Brothers, the 114-year-old global advisory, restructuring, and investment firm, announced today that it is acquiring the Wet Seal brand, pending final court approval. Launched in 1990, Wet Seal is an iconic consumer brand known for its surf-and-sun aesthetic targeted at fashion focused teens. The acquisition also includes other brands within the Wet Seal portfolio such as Arden B, Blink, Chic Boutique and several others. The transaction is pending final court approval.
Wet Seal was a pioneer in fast fashion, offering on-trend apparel to teen girls and young women. As recently as 2014, the business was doing well with over $500 million in revenue and 478 retail locations.
"Despite the increasing challenges facing teen retailers, we at Gordon Brothers strongly believe in the long-term viability of the category," said Ramez Toubassy, President, Brands. "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."
Gordon Brothers' brands business acquires, restructures and revives some of the world's most recognizable brands. Past investments include Polaroid, Bombay & Co. and Sharper Image. The team is known throughout the industry for its expertise in buying, selling, managing and transforming underperforming consumer brands into healthy, thriving businesses.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors, and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four service areas: valuations, dispositions, operations, and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial, and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with 25 offices across four continents.
SOURCE Gordon Brothers