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Mador Lending LLC completed the acquisition of Wet Seal Inc., the affiliate of Philadelphia-based Versa Capital Management LLC announced Wednesday.

The teen retailer emerged out of Chapter 11 bankruptcy as Wet Seal LLC, a privately held company with Chief Executive Ed Thomas leading his former executive team.

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Wet Seal plans to keep its Foothill Ranch headquarters and continue operating 173 stores in 42 states.

“We’re glad to be in business with a strong partner in Versa Capital,” Thomas said in a statement. “Our goal now is to further implement the strategies we developed when I returned to the business last September," including e-commerce efforts.

The publicly-traded entity, The Wet Seal Inc. (DIP), “is now named Seal 123, Inc., and will wind up its case pending in the [U.S. Bankruptcy Court for the District of Delaware] after completing the resolution of creditor claims and distributions” according to Versa.

Mador, whose parent has more than $1.4 billion in assets under management, got Wet Seal after beating out Los Angeles-based investment bank B. Riley Financial Inc. during a two-day auction last month.

It sweetened the deal with $10 million in cash available to the retailer on the closing date. Mador’s bid also included $7.5 million for unsecured creditors.