The Wet Seal, Inc. a leading specialty retailer to young women, announced the signing of an agreement to acquire the assets of G+G Retail, Inc. in a transaction to be effected in G+G's Chapter 11 bankruptcy proceeding which commenced on 25th January. The Company's offer for the assets being acquired is US$15.2 million. However, the acquisition is subject to
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| the customary auction procedures provided for under the Bankruptcy Code, including the receipt of requisite court orders. G+G currently operates 566 stores in the United States and Puerto Rico under the names Rave, Rave Girl and G+G. The Company anticipates that it will initially operate approximately 450 stores under these names but has reserved the right to reject additional leases under the Bankruptcy Code. 
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