November 27, 2017 / 11:02 PM / a year ago

Retailer Wet Seal seeks to extend bankruptcy to boost recoveries

Bankrupt apparel retailer The Wet Seal on Monday sought a court order that would give it more time to file a Chapter 11 plan so it could press for tax refunds and pursue lawsuits to try to increase the funds it hopes to distribute to its creditors.

Wet Seal, founded as a “bikini shack” in Newport Beach, California in the 1960s, said in court papers it needs the period in which it has sole right to file a Chapter 11 plan extended through Feb. 27.

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