Wet Seal Abandons Acquisition Bid

IRVINE — Wet Seal, the junior women’s apparel and accessories chain, said it is abandoning its bid to acquire certain stores from County Seat, a bankrupt chain based in Dallas.

Wet Seal President and Chief Operating Officer Ed Thomas tied the decision to a lack of interest from County Seat, which has described Wet Seal’s offer as “grossly inadequate.”

Thomas said the failed attempt at buying County Seat locations won’t slow his chain’s growth plans. “Wet Seal intends to continue pursuing an aggressive growth strategy through the opening of new stores and, when available, acquisitions,” Thomas said.

Wet Seal plans to open about 30 stores during 1997 and will open as many as 75 during 1998. The company also is breaking ground on a new corporate headquarters building and distribution center in Irvine.

Wet Seal operates 364 Wet Seal, Contempo Casual and Limbo Lounge stores in 34 states and Puerto Rico. Its stock was unchanged Friday at $20 per share in Nasdaq trading.