Gordon Brothers, the 114-year-old global advisory, restructuring, and investment firm, announced today that it is acquiring the Wet Seal brand, pending final court approval.  Launched in 1990, Wet Seal is an iconic consumer brand known for its surf-and-sun aesthetic targeted at 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.

Wet Seal was a pioneer in fast fashion, offering on-trend apparel to teen girls and young women. As recently as 2014, the business 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,” said 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.”

Gordon Brothers’ brands business acquires, restructures and revives some of the world’s most recognizable brands. Past investments include Polaroid, Bombay & Co. and Sharper Image. The team is known throughout the industry for its expertise in buying, selling, managing and transforming underperforming consumer brands into healthy, thriving businesses.