0001193125-15-111734.txt : 20150330 0001193125-15-111734.hdr.sgml : 20150330 20150330160654 ACCESSION NUMBER: 0001193125-15-111734 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150327 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150330 DATE AS OF CHANGE: 20150330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WET SEAL INC CENTRAL INDEX KEY: 0000863456 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-WOMEN'S CLOTHING STORES [5621] IRS NUMBER: 330415940 STATE OF INCORPORATION: DE FISCAL YEAR END: 0128 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35634 FILM NUMBER: 15734558 BUSINESS ADDRESS: STREET 1: 26972 BURBANK CITY: FOOTHILL RANCH STATE: CA ZIP: 92610 BUSINESS PHONE: 7145839029 MAIL ADDRESS: STREET 1: 26972 BURBANK CITY: FOOTHILL RANCH STATE: CA ZIP: 92610 8-K 1 d899624d8k.htm 8-K 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 8–K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): March 27, 2015

 

 

THE WET SEAL, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware   001-35634   33-0415940

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

26972 Burbank

Foothill Ranch, CA 92610

(Address of principal executive offices; zip code)

Registrant’s telephone number, including area code: (949) 699-3900

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01. Other Information.

As previously disclosed in a Current Report on Form 8-K filed by The Wet Seal, Inc. (the “Company”) on January 16, 2015 and in subsequent Current Reports on Form 8-K filed by the Company thereafter (collectively, the “Prior Form 8-Ks”), on January 15, 2015, the Company and its three subsidiaries (collectively with the Company, the “Debtors”) filed voluntary petitions in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”). The Chapter 11 cases are being administered under the caption “In re The Wet Seal, Inc., et al.”, Case Nos. 15-10081-10084 (the “Chapter 11 Cases”).

On March 27, 2015, the Debtors filed their monthly operating report for the period of February 1, 2015 through February 28, 2015 (the “Monthly Operating Report”) with the Bankruptcy Court. The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Cautionary Statement Regarding the Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers limited time periods, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with U.S. generally accepted accounting principles, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter and otherwise different from those required in the Company’s periodic reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such information might not be indicative of the Company’s financial condition or operating results for a period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Information set forth in the Monthly Operating Report should not be viewed as indicative of future results.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K and Exhibit 99.1 hereto contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. Forward-looking statements may be identified by words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “predict,” “will,” “would,” “could,” “should,” “target” and similar expressions. All statements contained in this Current Report that are not statements of historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this Form 8-K should be considered forward-looking statements. All forward-looking statements made by the Company are predictions and not guarantees of future performance, involve material risks and uncertainties and are subject to change based on factors that are difficult to predict and that may be beyond the Company’s control. Such factors include, but are not limited to, those described under the “Risk Factors” section and elsewhere in the Company’s most recent Quarterly Report on Form 10-Q filed with the Securities Exchange Commission on December 10, 2014 as well as in other past filings with the Securities and Exchange Commission and include risks and uncertainties relating to the bankruptcy filing by the Company, including but not limited to, (i) the Company’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases, (ii) the effects of the Company’s bankruptcy filing on the Company and on the interests of various constituents, (iii) Bankruptcy Court rulings in the Chapter 11 Cases and the outcome of the cases in general, (iv) the length of time the Company will operate under the Chapter 11 Cases, (v) risks associated with third party motions in the Chapter 11 Cases, (vi) the potential adverse effects of the Chapter 11 Cases on the Company’s liquidity or results of operations, (vii) the Company’s ability to execute its business while in bankruptcy, and (viii) increased legal costs to execute the Company’s reorganization, and other risks and uncertainties, as well as in other past filings with the Securities and Exchange Commission. The Company will not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. Based on the terms of the Asset Purchase Agreement dated as of March 12, 2015 (including that certain Letter Agreement outlining agreed terms of an anticipated plan of reorganization), between Mador Lending, LLC and the Company and its subsidiaries, the Company does not expect to be able to distribute any proceeds to the Company’s stockholders and therefore believes that the shares of its common stock are worthless.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

The Exhibit Index appearing after the signature page to this Current Report on Form 8-K is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

THE WET SEAL, INC.

(Registrant)

Date: March 30, 2015 By:

/s/ Thomas R. Hillebrandt

Name: Thomas R. Hillebrandt
Title: Interim Chief Financial Officer

EXHIBIT INDEX

 

EXHIBIT
NUMBER

   

DESCRIPTION

99.1    Monthly Operating Report for the period of February 1, 2015 through February 28, 2015, as filed with the United States Bankruptcy Court for the District of Delaware on March 27, 2015.
 EX-99.1 2 d899624dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re The Wet Seal, Inc., et al.     Case No. 15-10081 (CSS)
    Reporting Period: 2/1/2015 to 2/28/2015

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month.

Submit copy of report to any official committee appointed in the case.

 

REQUIRED DOCUMENTS

    Form No.    Document
Attached		    Explanation
Attached		    Affidavit/Supplement
Attached

Schedule of Cash Receipts and Disbursements

    MOR-1    x      

Schedule of Bank Accounts with Book Balances

    MOR-1a    x      

Bank Reconciliation (or copies of debtor’s bank reconciliations)

    MOR-1b       x   

Schedule of Professional Fees Paid

    MOR-1c    x      

Copies of bank statements

            

Cash disbursements journals

            

Statement of Operations

    MOR-2    x      

Balance Sheet

    MOR-3    x      

Status of Postpetition Taxes

    MOR-4    x      

Copies of IRS Form 6123 or payment receipt

            

Copies of tax returns filed during reporting period

            

Summary of Unpaid Postpetition Debts

    MOR-4    x      

Listing of aged accounts payable

    MOR-4    x      

Debtor Questionnaire

    MOR-5    x      

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

LOGO

 

    

March 27, 2015

Signature of Debtor     Date

 

    

 

Signature of Joint Debtor     Date

 

    

March 27, 2015

Signature of Authorized Individual*     Date

Thomas R. Hillebrandt

    

Interim Chief Financial Officer

Printed Name of Authorized Individual     Title of Authorized Individual

 

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

In re The Wet Seal, Inc., et al. Case No. 15-10081 (CSS)
Reporting Period: 2/1/2015 to 2/28/2015

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

FOR THE PERIOD FEBRUARY 1 to FEBRUARY 28, 2015

(In thousands)

Unaudited

MOR -1

 

     WS Inc.     WS Retail     WS Catalog      WS Gift card      Total company  

Cash Receipts

             

Cash and checks

      —          4,382        —           —           4,382   

Credit card

      —          6,956        1,515         —           8,471   

Other

      93        —          —           —           93   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total receipts

   93      11,338      1,515      —        12,945   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Cash Disbursements

Advertising

   17      —        17      —        34   

Benefits/Medical

   243      45      1      —        289   

Freight out

   159      32      55      —        245   

Merchandise

   —        7,694      —        —        7,694   

Other

   466      490      72      —        1,028   

Payroll

   1,050      2,136      61      —        3,247   

Rent

   86      3,811      —        —        3,897   

Sales tax

   —        416      23      —        438   

Temp help

   28      85      72      —        185   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total disbursements

   2,049      14,709      300      —        17,058   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Net Operating Cash Flow

   (1,956 )    (3,371 )    1,215      —        (4,112 ) 
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Non-operating Professional Fees

   220      —        —        —        220   

Capital Expenditure

   34      —        —        —        34   

Letter of credit

   —        2,500      —        —        2,500   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Total Non-operating disbursements

   254      2,500      —        —        2,754   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Net Cash Flow

   (2,211 )    (5,871 )    1,215      —        (6,867 ) 
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

Disbursements for calculating US Trustee Quarterly Fees:

Total disbursements

   2,303      17,209      300      —        19,812   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

US Trustee Fees*

   3      15      2      —        20   
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

  

 

* US Trustee fees reflected in the table above are subject to change as disbursements by debtor reflect only one month of the quarter.

In re The Wet Seal, Inc., et al. Case No. 15-10081 (CSS)
Reporting Period: 2/1/2015 to 2/28/2015

Schedule of Bank Accounts with Book Balances

(In thousands)

 

Bank Account

   CONSOLIDATED     WS INC(Co 01)     WS RETAIL(Co 02)     WS INTERNET(Co 03)     WS GC(Co 04)  

11101 Cash On Hand

     109        2        107        —          —     

11201 Cash - B of A Main (0086)

     6,758        —          6,758        —          —     

11202 Cash - B of A A/P Expense Checks

     (648 )      —          (648 )      —          —     

11203 Cash - B of A A/P Merch Checks

     (166 )      —          (166 )      —          —     

11204 Cash - B of A A/P Expense (Retail)

     (3,852 )      —          (3,852 )      —          —     

11208 Cash - AP WS/TSG

     83        —          83        —          —     

11209 Cash - B of A (6096)

     59        —          59        —          —     

11211 American Express

     209        —          209        —          —     

11212 American Express - Internet

     8        —          —          8        —     

11213 Debit Card

     566        —          566        —          —     

11214 Cash - Wet Seal Inc Concentration (6128)

     295        —          295        —          —     

11217 M/C & Visa

     420        —          420        —          —     

11218 M/C & Visa - Internet

     151        —          —          151        —     

11219 Discover

     25        —          25        —          —     

11220 Discover - Internet

     5        —          —          5        —     

11221 Amazon Pay Phrase

     14        —          —          14        —     

11222 Amazon Retail

     5        —          —          5        —     

11223 ECA Checks

     2        —          2        —          —     

11224 Cash - BofA Payroll-WS1“Retail”

     32        —          32        —          —     

11225 Cash - BofA Payroll-WS2“Inc”

     16        —          16        —          —     

11227 Cash - Wells Fargo (2375)

     74        —          74        —          —     

11228 Cash - UMB (9215)

     4        —          4        —          —     

11229 Cash - Bank Of Hawaii (7696)

     5        —          5        —          —     

11230 Cash - ADP Refund Payroll Checks

     (1 )      —          (1 )      —          —     

11234 Cash - Southbank (0928)

     5        —          5        —          —     

11235 Cash - B of A (5505)

     51        —          51        —          —     

11240 Cash - Capital One (3024)

     10        —          10        —          —     

11241 Cash - Tri Counties Bank (4372)

     1        —          1        —          —     

11242 Cash - MB Financial (3400)

     9        —          9        —          —     

11245 Cash - IBC Bank (4224)

     22        —          22        —          —     

11255 Cash - TD Bank (5953)

     1        —          1        —          —     

11261 Cash - Compass (3082)

     16        —          16        —          —     

11268 Cash - Wells Fargo (7711)

     11        —          11        —          —     

11270 Cash - First Citizens (7493)

     7        —          7        —          —     

11271 Cash - PNC (3713)

     13        —          13        —          —     

11273 Cash - BofA - Nations (5143)

     109        —          109        —          —     

11278 Cash- Citibank- Cigna Dental

     3        —          3        —          —     

11280 Cash - PayPal

     49        —          —          49        —     

11282 Cash - M & T /Wilmington (2422)

     8        —          8        —          —     

11286 Cash - Citibank (4202)

     4        —          4        —          —     

11288 Cash - Wheatland Bank (2722)

     4        —          4        —          —     

11294 Cash - American Savings (1847)

     5        —          5        —          —     

11298 Cash - Prosperity Bank (3019)

     2        —          2        —          —     

11305 Cash - B of A Flex Ben (3869)

     3        —          3        —          —     

11306 Cash - B of A LC (5600)

     14        —          14        —          —     

11307 Cash - B of A Utility Assurance

     108        —          108        —          —     

11403 Cash - Commerce (1282)

     5        —          5        —          —     

11404 Cash - CoreFirst Bank (1670)

     2        —          2        —          —     

11410 Cash - MainSource (8985)

     4        —          4        —          —     

11412 Cash - Banco Popular (2034)

     4        —          4        —          —     

11440 Cash - JPM Chase (5732)

     41        —          41        —          —     

11450 Cash - BB & T (4524)

     1        —          1        —          —     

11477 Cash - Citibank (9462)

     5        —          5        —          —     

11483 Cash - Cole Taylor (6577)

     4        —          4        —          —     

11487 Cash - US Bank (6180)

     27        —          27        —          —     

11495 Cash - Comerica (5247)

     6        —          6        —          —     

11538 Cash - First Sentry (2195)

     4        —          4        —          —     

11570 Cash - Plains Commerce (3268)

     4        —          4        —          —     

11571 Cash - PNC (5029)

     19        —          19        —          —     

11573 Cash - Huntington National (0721)

     3        —          3        —          —     

11577 Cash - 5/3 Bank (4021)

     5        —          5        —          —     

11581 Cash - Key Bank (7205)

     10        —          10        —          —     

11599 Cash - BMO Harris (9030)

     1        —          1        —          —     

11605 Cash - Sovereign (6840)

     6        —          6        —          —     

11606 Cash - Sovereign (7956)

     11        —          11        —          —     

11607 Cash - B of A - La Salle (5141)

     12        —          12        —          —     

11609 Cash - Citizens (2501)

     9        —          9        —          —     

11635 Cash - Suntrust (7978)

     13        —          13        —          —     

11651 Cash - BofA Inv (Cash/Cash Eq)

     2,403        —          2,403        —          —     

11652 Cash - UBS Money Market

     100        —          100        —          —     

11664 Cash - Salem Five (1098)

     5        —          5        —          —     

11669 Cash - First American (4601)

     1        —          1        —          —     

11675 Cash - Bank Financial (3903)

     4        —          4        —          —     

11684 Cash - Regions (4895)

     34        —          34        —          —     

11687 Cash - Valley National Bank (9151)

     3        —          3        —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
  7,383      2      7,149      232      —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In re The Wet Seal, Inc., et al.     Case No. 15-10081 (CSS)
    Reporting Period: 2/1/2015 to 2/28/2015

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all retained professional payments from case inception to current month.

 

(In thousands)                                                               
                          Check      Amount Paid      Year-To-Date  

Payee

    Period Covered      Amount Approved      Payor      Number      Date      Fees      Expenses      Fees      Expenses  

Donlin, Recano & Company, Inc.

      1/15/15 - 1/31/15         225         The Wet Seal, Inc.         563729         2/19/2015         176         49         176         49   

In re The Wet Seal, Inc., et al. Case No. 15-10081 (CSS)
MOR - 2 Reporting Period: 2/1/2015 to 2/28/2015
Debtor Income Statement-By Entity
For the Month Ended February 28, 2015
(In thousands)

 

          01     02     03     04  

Unaudited

   CONSOLIDATED
Actual		     WS INC(Co 01)
Actual		     WS RETAIL(Co 02)
Actual		     WS INTERNET(Co 03)
Actual		     WS GC(Co 04)
Actual		  

Sales

     12,846        —          11,529        1,317        —     

Cost of Sales

     5,219        —          4,503        715        —     

Buying

     228        228        —          —          —     

Planning/Allocation

     71        71        —          —          —     

Warehouse

     328        —          328        —          —     

Occupancy

     4,370        —          4,370        —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Cost of Sales

   10,216      299      9,201      715      —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross Profit

   2,630      (299 )    2,328      601      —     

Gross Profit (Retail)

   7,628      —        7,026      601      —     

S,G & A

Selling-Store Expense

   3,112      —        2,673      426      13   

Selling-Field Support

   242      —        242      —        —     

Gen & Admin Expense

   3,498      3,359      31      108      0   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total S,G&A Expenses

   6,851      3,359      2,946      533      13   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating (Loss) Income

   (4,221 )    (3,658 )    (618 )    68      (13 ) 

Interest Inc , Net

   8      8      —        —        —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) Inc Cont Ops B4 Tax

   (4,212 )    (3,649 )    (618 )    68      (13 ) 

Inc Tax Provision

   7      7      —        —        —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

(Loss) Inc from Cont Ops

   (4,219 )    (3,656 )    (618 )    68      (13 ) 

Net Inc(Loss) Disc Ops

   —        —        —        —        —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net (Loss) Inc-CS

   (4,219 )    (3,656 )    (618 )    68      (13 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In re The Wet Seal, Inc., et al. Case No. 15-10081 (CSS)
MOR - 3 Reporting Period: 2/1/2015 to 2/28/2015
Balance Sheet-By Entity-Condensed
February, 2015
(In thousands)

 

          01     02     03     04  
    CONSOLIDATED
Actual		     WS INC(Co 01)
Actual		     WS RETAIL(Co 02)
Actual		     WS INTERNET(Co 03)
Actual		     WS GC(Co 04)
Actual		  

Assets

          

Current Assets:

          

Cash And Cash Equivalents

     7,383        2        7,149        232        —     

Other Receivables

     6,362        5,632        701        16        14   

Merchandise Inventories

     11,257        —          9,393        1,864        —     

Prepaid Expenses

     7,561        3,549        4,012        —          —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Assets

   32,563      9,182      21,255      2,111      14   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Equipment And Leasehold Improvements:

Leasehold Improvements

   24,120      2,813      21,289      18      —     

Furniture, Fixtures And Equipment

   39,728      20,884      15,619      3,225      —     

Construction In Progress

   1,703      939      764      —        —     

Less Accumulated Depreciation

   (44,893 )    (19,392 )    (23,252 )    (2,248 )    —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Equipment And Leasehold Improvements

   20,658      5,244      14,420      994      —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Other Assets:

Other Assets

   1,928      1,706      220      2      —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Other Assets

   1,928      1,706      220      2      —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

   55,150      16,132      35,896      3,107      14   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities And Stockholders’ (Deficit) Equity

Current Liabilities:

Accounts Payable-Merchandise

Subject to compromise

   6,380      —        4,785      1,595      —     

Not subject to compromise

   328      —        246      82      —     

Accounts Payable

Subject to compromise

   5,288      513      4,479      295      —     

Not subject to compromise

   7,090      3,199      3,631      236      24   

Accrued Liabilities

Subject to compromise

   3,029      27      3,002      —        —     

Not subject to compromise

   13,160      1,079      8,510      490      3,081   

Notes/Warrants/Derivatives

   28,915      28,915      —        —        —     

Unamortized Debt Discount

   (3,564 )    (3,564 )    —        —        —     

Short-Term Deferred Rent

   12,218      723      11,495      —        —     

Intercompany AP/AR - NET

   —        178,690      (118,831 )    (68,454 )    8,594   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Liabilities

   72,844      209,583      (82,682 )    (65,755 )    11,699   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

   72,844      209,583      (82,682 )    (65,755 )    11,699   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Stockholders’ (Deficit) Equity:

Common Stock

   8,459      8,459      —        —        —     

Paid-In Capital

   218,819      218,819      —        —        —     

Retained Earnings

   (240,698 )    (417,017 )    119,196      68,795      (11,672 ) 

Current Period Earnings

   (4,219 )    (3,656 )    (618 )    68      (13 ) 

Less Cost Of Treasury Stock

   (56 )    (56 )    —        —        —     
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Stockholders’ (Deficit) Equity

   (17,695 )    (193,451 )    118,578      68,862      (11,685 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities And Stockholders’ Equity

   55,150      16,132      35,896      3,107      14   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

In re The Wet Seal, Inc., et al.     Case No. 15-10081 (CSS)
    Reporting Period: 2/1/2015 to 2/28/2015

STATUS OF POSTPETITION TAXES

(In thousands)

The Wet Seal, Inc.

 

Federal

    Beginning
Tax
Liability		      Amount
Withheld or
Accrued		      Amount
Paid		      Ending
Tax
Liability		  

Withholding

      —           34         34         —     

FICA-Employee

      —           14         14         —     

FICA-Employer

      —           14         14         —     

Total Federal Taxes

      —           63         63         —     

State and Local

            

Withholding

      —           12         12         —     

Sales

      68         704         707         65   

Unemployment

      —           1         1         —     

Income

      31         —           —           31   

Personal Property

      12         23         —           35   

Total State and Local

      111         739         720         131   

Total Taxes

      111         739         720         131   

SUMMARY OF UNPAID POSTPETITION DEBTS

The Wet Seal, Inc.

 

     Number of Days Past Due  
     Current      0-30      31-60      61-90      Over 90      Total  

Accounts Payable

      3,311         —           —           —           —           3,311   

Wages Payable

      749         —           —           —           —           749   

Taxes Payable

      131         —           —           —           —           131   

Rent/Leases-Building

      —           2,067         —           —           —           2,067   

Professional Fees

      1,283         —           —           —           —           1,283   

Total Postpetition Debts

      5,474         2,067         —           —           —           7,541   

In re The Wet Seal, Inc., et al.     Case No. 15-10081 (CSS)
    Reporting Period: 2/1/2015 to 2/28/2015

DEBTOR QUESTIONNAIRE

 

Must be completed each month

    Yes    No  

1.      Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

         X   

2.      Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.

         X   

3.      Have all postpetition tax returns been timely filed? If no, provide an explanation below.

    X   

4.      Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

    X   

5.      Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

    X           <A> 

 

<A> Bank of America Utility Assurance account number (XXXXXX-3491) was opened and funded on February 5, 2015. This account was established to fund an adequate assurance deposit pursuant to a Utilities Order entered by the Bankruptcy Court.
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