Philadelphia Firm to Acquire Wet Seal

Philadelphia private equity firm Versa Capital Management said it's the winning bidder in an auction to acquire Wet Seal, a fashion retail chain for young women that's had a rough few months.

In a statement Friday, Versa's CEO Gregory L. Segall said, "We have been assessing the dramatically shifting landscape in Wet Seal's category for more than a year and determined that Wet Seal, among the many companies we evaluated, was best positioned in the marketplace, and thus we pursued this deal with determination."

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