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WTSLQ -anyone see the news today? Is this potentially positive?

Says Versa Capital - the company who want to buy Wet Seal will keep 140 stores open - and give WTSLQ funds to exit bankruptcy. Am I reading this Right? Also says Wet Seal still employs more than 2200 people. Seeking approval from court on Wed:

Bankruptcy -- Week Ahead
DOW JONES & COMPANY, INC. 12:04 PM ET 3/27/15
Symbol Last Price Change
WTSLQ 0.0062down -0.0005 (-7.46%)
DLIAQ 0.00535up -0.0008 (-13.01%)
QUOTES AS OF 01:51:38 PM ET 03/27/2015


Wednesday in Wilmington, Del., Wet Seal Inc.(WTSLQ) will ask a judge to approve a sale of the company to private equity firm Versa Capital Management, which plans to keep at least 140 of the teen clothing retailer's stores open.

Versa's winning bid at an auction, structured as a so-called 363 sale that sells off Wet Seal's(WTSLQ) assets and leaves the shell of the company behind to wind down in bankruptcy, includes $7.5 million in cash slated for unsecured creditors. Versa also agreed to provide $10 million in exit financing once Wet Seal(WTSLQ) leaves bankruptcy.

Wet Seal (WTSLQ) shut down more than 330 of its stores ahead of its Jan. 15 bankruptcy filing and laid off nearly 3,700 employees. The company still employs more than 2,200 workers, according to court filings.
Also on Wednesday, fellow teen retailer Delia's Inc.(DLIAQ) will ask a White Plains, N.Y., judge to approve the sale of its Hanover, Pa., distribution center.

Conewago Contractors Inc.'s $3.68 million offer will serve as the lead bid at a Tuesday auction of the center, one of Delia's(DLIAQ) few remaining assets. Competing bids are due Monday and must beat Conewago's offer by at least $25,000. Conewago wouldn't be entitled to receiving a breakup fee if another bidder successfully purchases the center.
Delia's (DLIAQ) filed for chapter 11 bankruptcy protection in December with liquidators Hilco and Gordon Brothers already in place to sell off the inventory remaining at its stores. Those sales wrapped up at the end of last month and now Delia's(DLIAQ) is in the process of selling the last remnants of its business.

In February, Judge Robert Drain approved a $3.5 million sale of Delia's(DLIAQ) intellectual property to the same group of investors that last year spun off Delia's Alloy brand.
Founded in 1993, Delia's(DLIAQ) built a following through the wide distribution of catalogs selling colorful jewelry, clothing, shoes and other teen essentials. Last year, the business lost $57 million in the face of increased competition in the market for teenage girls' and young women's apparel and a "still struggling national economy," Chief Financial Officer Edward Brennan said in court filings.

--Tom Corrigan, Stephanie Gleason and Sara Randazzo contributed to this article.
Write to Joseph Checkler at [e-mail]
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(END) Dow Jones Newswires 03-27-151204ET Copyright (c) 2015 Dow Jones & Company, Inc.