Teen clothing retailer Wet Seal Inc. won court approval yesterday to be acquired by an affiliate of Versa Capital Management LLC in a deal that keeps at least 140 stores open, the Wall Street Journal reported today. Bankruptcy Judge Christopher Sontchi signed off on the sale, calling it an “excellent” outcome in a “challenging retailer environment.” Versa outbid B. Riley Financial Inc. for the Wet Seal business and will be paying $7.5 million in cash, holding on to some top managers and keeping many employees on board. The private-equity firm will also be absorbing many of Wet Seal’s liabilities.
