Wet Seal Reaches Stalking Horse Deal With IP Asset Bidder

Law360, Wilmington (March 1, 2017, 6:23 PM EST) -- Bankrupt women's clothing retailer The Wet Seal LLC filed notice with the Delaware court late Tuesday indicating it had reached terms for an asset purchase agreement with a stalking horse bidder to purchase its intellectual property assets at auction.

In the court filing, Wet Seal said it had agreed to a $1.5 million cash deal with WS 2017 LLC to purchase the company's intellectual property and serve as a floor bid at an auction to be held Thursday morning for those assets. The asset purchase agreement provides for a 3 percent break-up fee to WS 2017 if its bid is topped....

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