Boston — Gordon Brothers plans to acquire the Wet Seal retail brand. Launched in 1990, Wet Seal is known for its surf-and-sun aesthetic for 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.
As recently as 2014, Wet Seal 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," says 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."
Boston-based Gordon Brothers was founded in 1903. The company’s brands business acquires, restructures and revives some of the world's most recognizable brands. Past investments include Polaroid, Bombay & Co. and Sharper Image. For more information, visit www.gordonbrothers.com.
SOURCE: Gordon Brothers