Welcome to the Fashion Blog

Are you interested in reading fashion news about haute couture, prêt-à-porter and avant-garde clothing? We hope so because you will learn about these topics as well as find style reports about emerging designers, new lifestyle brands, cutting edge fabrics, and much more. Anything relevant to the fashion industry is open for discussion.

Enjoy the fashion blog to obtain your daily dose of inspiration. Keep your wardrobe as trendy as your mind.

Read more about fashion & style.

We hope that you love reading about fashion as much as we do.

Friday, January 16, 2015

Bad News for Wet Seal Fans

The Wet Seal, Inc. (Nasdaq: WTSL), a specialty retailer to young women, announced that it has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") on January 15, 2015. The Company will continue to operate its business as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.

In connection with the Chapter 11 cases, the Company has negotiated a debtor in possession financing arrangement ("DIP") and plan sponsorship agreement ("PSA") with B. Riley Financial, Inc., the parent of B. Riley & Co, LLC and Great American Group, LLC and its affiliates and designees ("B. Riley").

The DIP provides for a $20 million term loan facility, subject to certain limitations and conditions, including a $5 million availability block at closing, from B. Riley to be funded on an interim and final basis. This loan facility will provide availability to fund the Company's operations during the Chapter 11 cases, including to the Company's vendors and other purveyors of goods and services. The Company also expects to continue to fund operations from cash on hand and cash generated during the cases. The DIP is subject to Bankruptcy Court approval and the satisfaction of specified closing conditions. The Company also expects to continue to receive certain financial accommodations from its existing lender, Bank of America, including continued cash management services.

The PSA provides a comprehensive blueprint for the Company's emergence from Chapter 11 as a going concern pursuant to a plan of reorganization, under which B. Riley has agreed to provide funding and will receive a majority of the stock in the reorganized Company at emergence. The PSA contains certain milestones and conditions, including Bankruptcy Court approval of the Company's assumption of the PSA. The transactions contemplated in the PSA, in turn, are subject to conditions and confirmation and effectiveness of the plan of reorganization.

In connection with the bankruptcy filing, the Company is seeking customary authority from the Bankruptcy Court that will enable it to continue to operate and serve its customers. The requested approvals include requests for the authority to make wage and salary payments, continue various benefits for employees, and honor certain customer programs, such as gift cards and returns on merchandise purchased prior to the bankruptcy filing.

As of January 12, 2015 the Company had approximately $31 million of cash on the balance sheet, including nearly $11 million of cash used to collateralize letters of credit. The additional financing from the DIP is expected to provide the Company with an immediate source of additional funds. These funding sources are expected to enable Wet Seal to satisfy the customary obligations associated with the daily operation of its business, including the timely payment of employee wages and other obligations.
"We are pleased to provide financial assistance to The Wet Seal in its efforts to revive this iconic fashion retailer," said Bryant Riley, Chairman, of B. Riley Financial, Inc. "Taking a collaborative approach, and tapping our vast array of financial services, we believe that we have developed a financial solution that should benefit all parties involved."

Ed Thomas, CEO of The Wet Seal Inc., stated, "After careful consideration, the Board of Directors unanimously concluded that filing for Chapter 11 was the appropriate course of action for the Company. Overall, we continue to believe in The Wet Seal and remain committed to executing on the strategic steps that we already started. We are thrilled to be working with B. Riley and other constituencies toward the successful and prompt emergence of the Company from Chapter 11."

The Company indicated that it expects to provide additional details with respect to the Chapter 11 filing as soon as they are available. More information, including access to court documents, can be accessed atwww.donlinrecano.com/wetseal (court-appointed claims agent site), or www.deb.uscourts.gov, the official Bankruptcy Court website.

The PSA provides that the Company will file and support a plan of reorganization that will not provide consideration to the holders of the Company's common stock.

About The Wet Seal, Inc.

The Wet Seal, Inc., a pioneer in fast fashion retailing, sells apparel, footwear and accessories designed for teen girls and young women of all sizes through retail stores nationwide, as well as an e-commerce website. As ofJanuary 15, 2015, the company operated a total of 173 stores in 42 states and Puerto Rico and an e-commerce business at www.wetseal.com. For more company information, visit www.wetsealinc.com.

About B. Riley Financial, Inc.

B. Riley Financial, Inc. (OTCBB: RILY) provides collaborative financial services and solutions through several subsidiaries, including: B. Riley & Co. LLC, a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients; Great American Group, LLC a leading provider of advisory and valuation services, asset disposition and auction solutions, and commercial lending services; and B. Riley Asset Management, LLC, a provider of investment products to institutional and high net worth investors. B. Riley Financial, Inc. is headquartered in Los Angeles with offices in major financial markets throughout the United States and Europe. For more information on B. Riley Financial, Inc. please visit www.brileyfin.com.

As a reminder another young ladies clothing store filed for Chapter 11 last month. You may be interested in reading about the dELiA's Chapter 11 filing.

Thank you for taking the time to read our fashion industry news post. We hope that you have found this news to be informative. If you have comments or questions, please add your thoughts in the discussion area below.

Research something new.

Time to find trendy shoes, classic tops, fabulous handbags, and more.

Style tips

Review trendy fashion styles. Find the best clothing, shoes, handbags and fashion accessories.

Popular Fashion Blog Posts

Upgrade Your Wardrobe

Ready to shop? Apparel Search has a few favorite suggestions. Visit our new shopping page to view a few of our favorite fashion shopping destinations such as upscale boutiques like Barney's, Bloomingdale's, Neiman Marcus, etc.
If you are interested in upgrading your wardrobe, you can visit the fashion shopping page.


Experience style.

Fashion blogs typically cover various aspects of clothing, footwear and personal style. Ours is exactly what one would expect from a leading international resource and more.

Designer brands: If you are researching the newest emerging indie designers or the most popular international designer brands, you will find articles and enlightening reviews on the subject. Fashionistas will find what appears to be an endless stream of designer options.

Shopping: You can find consumer tips on issues such as how clothes should fit, where to find sample sales, and other information to help consumers research apparel and where to make purchases. We also discuss clothes, fabric, and color trends that offer assistance to shoppers.

Beauty: We do write articles about cosmetics, fragrances, hairstyle trends, and a wide assortment of beauty tips. Models, stylists, fashionistas, and photographers, will surely find news articles of interest.

Essentially, we cover most of the topics you would find in an industry journal as well as other topics that you would discover in a typical fashion magazine.

Fashion is a multi-billion-dollar industry that has considerable impact on the way ordinary people dress and present themselves. Fashion is trend-driven and our fashion blog by Apparel Search provides a riveting way to follow and oversee these fast-paced trends. The blogoshepere has tons of style sites for your review. We thank you for taking the time to view ours.

If you have fashion news about your company, product, or service, that you wish to share with the world, let us know. You are also welcome to comment in the discussion area beneath each post and share with your friends on social media.

Looking for more resources? You are welcome to learn about other fashion blogs so that you can continue your research.

Who created this amazing blog?

Apparel Search Company - Visit our home page to learn more about the fashion industry at www.ApparelSearch.com

Our style blog incorporates topics such as clothing, footwear, jewelry, beauty products and fashion accessories. From luxury lifestyle choices stemming from Paris, Milan or Hong Kong to urban street trends from Chicago & the boroughs of New York, we have your style covered.
Take your time to browse the various areas of our blog, or head back over to the main area of our Apparel Search website to learn more about our industry.

Tips on Participation

The fashion blog is not only for reading. Nor is it about simply viewing pictures of super models, beautiful celebrities & trendy photographs of handbags & shoes. Consumers, fashionistas, and members of the apparel industry are welcome to participate at the bottom of each blog post.

Members of the garment industry, consumers, and fashionistas are welcome to comment at the bottom of our posts.

Yes, if you don't wish to participate, you are welcome to simply view our pages. Participation is not a requirement. Even you don't wish to share your thoughts that is perfectly understandable. It is our pleasure to present to you the fashion, beauty and style that intrigues Apparel Search. Hopefully our reporting will arouse your curiosity and interest as well. You can jump into the conversation if that is appealing to you.