Wet Seal Finalizes Buy
Wet Seal Inc. said it has signed a contract to buy 83 Britches Great Outdoor Stores for under $15 million. Wet Seal said the purchase includes the leasehold improvements and fixtures in the locations, but does not include the assumption of any inventory or liabilities nor does it include the store name.
Wet Seal, based in Foothill Ranch, will take possession of the locations Feb. 1. After remodeling, the stores will be open for business by April 1999 under the names Wet Seal, Contempo Casuals, Limbo Lounge and the new concept, Arden B.
The company, which owns and operates clothing store chains, said about 50 of the stores will be converted to Arden B. stores with the rest of them converting to Wet Seal, Contempo Casuals and Limbo Lounge names.
A tentative agreement was announced June 9.