LOS ANGELES – June 19, 2015 – Greenberg Traurig, LLP represented Mador Lending, LLC, an affiliate of Versa Capital Management (“Versa”), in its acquisition of The Wet Seal, Inc. (“Old Wet Seal”) now known as The Wet Seal, LLC (“New Wet Seal”). Versa is a private equity investment firm focused on investments in middle market companies where value and performance growth can be achieved through enhanced operational and financial management. California-based Wet Seal is a leader in fast fashion for young women and teens with a presence in mall stores and e-retail. It was listed in the Internet Retailer 2015 Top 500 Guide. The sale was approved by the United States Bankruptcy Court for the District of Delaware April 1, 2015.
Mador Lending LLC (“Mador”) acquired substantially all assets and assumed certain liabilities of Old Wet Seal, Inc., and New Wet Seal will continue to operate approximately 170 of the original 500 retail outlets with plans to expand the Old Wet Seal’s successful online platform, targeting their focused demographic.
The Greenberg Traurig team was led by Chicago Shareholder Nancy Peterman along with Los Angeles Shareholder Howard J. Steinberg. Peterman focuses her practice on corporate restructurings, bankruptcy, and creditors' rights law, and has a wide range of experience representing debtors, purchasers of assets, committees, and secured creditors. Steinberg focuses his practice on representing debtors, creditors’ committees, trustees, secured and unsecured creditors, and purchasers of assets in major cases involving public and private companies throughout the United States.
Additional team members include Chicago shareholders Andrew R. Cardonick, Marc E. Harrison, Todd A. Mazur, Chad D. Striker; San Francisco Shareholder Bruce Steinert; Chicago Associate Paul R. Hogan; New York Associate Paul T. Martin, and San Francisco Law Clerk Jane Kim.