Among the recent string of retail-based company bankruptcies is a company who was very popular with 20-somethings once upon a time. California based Wet Seal has released a statement that it has filed for Chapter 11 bankruptcy. For those following the company, this has not come as a shock because the company's stock price has lost 98 percent if its value in the past year.
After careful consideration, the board of directors for the publicly traded company announced its plans for Chapter 11. Despite the complex business matters, it seems the company is taking the proper precautions to ensure the bankruptcy process is as smooth as possible. The bankruptcy appeared imminent in early January when a representative for Wet Seal announced that it would be closing two-thirds of its store fronts in 2015.