Wet Seal Files for Chapter 11 Bankruptcy

Wet Seal filed for bankruptcy protection late on Thursday, a week after the struggling apparel retailer laid off 3,700 employees and closed 338 stores. The company listed assets of $10 million to $50 million and liabilities of $100 million to $50 million, according to the filing. Wet Seal, which reported slowing year-over-year sales growth for the past five quarters, warned last month that it may seek to restructure under provisions of the U.S. Bankruptcy Code if it fails to address liquidity in the near term.