Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SEAL123 INC | d882743d8k.htm |
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: 1/15/2015 to 1/31/2015 |
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 |
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| Cash disbursements journals |
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| 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 |
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| Copies of tax returns filed during reporting period |
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| 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.
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| Signature of Debtor | Date | |||
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| Signature of Joint Debtor | Date | |||
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March 2, 2015 | |||
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| Signature of Authorized Individual* | Date | |||
| Thomas R. Hillebrandt | Interim Chief Financial Officer | |||
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| 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: 1/15/2015 to 1/31/2015 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE PERIOD JANUARY 15 to JANUARY 31, 2015
(In thousands)
Unaudited
MOR -1
| WS Inc. | WS Retail | WS Catalog | WS Gift card | Total company | ||||||||||||||||
| Receipts: |
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| $ | — | $ | 1,724 | $ | 430 | $ | — | $ | 2,154 | |||||||||||
| Cash and checks |
$ | — | $ | 1,244 | $ | — | $ | — | $ | 1,244 | ||||||||||
| Less: Fees |
$ | — | $ | (20 | ) | $ | — | $ | — | $ | (20 | ) | ||||||||
| Credit card |
$ | — | $ | 1,724 | $ | 430 | $ | — | $ | 2,154 | ||||||||||
| Other |
$ | 12 | $ | — | $ | — | $ | — | $ | 12 | ||||||||||
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| Total receipts |
$ | 12 | $ | 2,949 | $ | 430 | $ | — | $ | 3,391 | ||||||||||
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| Cash Disbursements |
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| Advertising |
$ | 24 | $ | — | $ | 1 | $ | — | $ | 25 | ||||||||||
| Benefits/Medical |
$ | 243 | $ | 102 | $ | 2 | $ | — | $ | 347 | ||||||||||
| Freight out |
$ | — | $ | 8 | $ | — | $ | — | $ | 8 | ||||||||||
| Merchandise |
$ | — | $ | 3,268 | $ | — | $ | — | $ | 3,268 | ||||||||||
| Other |
$ | 1,582 | $ | 133 | $ | 1 | $ | — | $ | 1,716 | ||||||||||
| Payroll |
$ | 696 | $ | 1,155 | $ | 34 | $ | — | $ | 1,884 | ||||||||||
| Property tax |
$ | — | $ | 24 | $ | — | $ | — | $ | 24 | ||||||||||
| Rent |
$ | 86 | $ | 3,776 | $ | — | $ | — | $ | 3,862 | ||||||||||
| Sales tax |
$ | (1 | ) | $ | 2,673 | $ | 6 | $ | — | $ | 2,678 | |||||||||
| Temp help |
$ | 9 | $ | 7 | $ | 11 | $ | — | $ | 27 | ||||||||||
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| Total disbursements |
$ | 2,639 | $ | 11,146 | $ | 54 | $ | — | $ | 13,840 | ||||||||||
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| Net Operating Cash Flow |
$ | (2,628 | ) | $ | (8,197 | ) | $ | 376 | $ | — | $ | (10,449 | ) | |||||||
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| Non-operating disbursements |
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| Deposits |
$ | 1,500 | $ | — | $ | — | $ | — | $ | 1,500 | ||||||||||
| Letter of credit |
$ | — | $ | 6,000 | $ | — | $ | — | $ | 6,000 | ||||||||||
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| Total Non-operating disbursements |
$ | 1,500 | $ | 6,000 | $ | — | $ | — | $ | 7,500 | ||||||||||
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| Net Cash Flow |
$ | (4,128 | ) | $ | (14,197 | ) | $ | 376 | $ | — | $ | (17,949 | ) | |||||||
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| Disbursements for calculating US Trustee Quarterly Fees: |
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| Total disbursements |
$ | 4,139 | $ | 17,146 | $ | 54 | $ | — | $ | 21,340 | ||||||||||
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| US Trustee Fees* |
$ | 10 | $ | 20 | $ | 0 | $ | — | $ | 30 | ||||||||||
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| * | US Trustee fees reflected in the table above are subject to chage 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: 1/15/2015 to 1/31/2015 |
Schedule of Bank Accounts with Book Balances
| Bank Account |
CONSOLIDATED | WS INC(Co 01) | WS RETAIL(Co 02) | WS INTERNET(Co 03) | WS GC(Co 04) | |||||||||||||||
| 11101 Cash On Hand |
108,850 | 2,000 | 106,850 | — | — | |||||||||||||||
| 11201 Cash - B of A Main (0086) |
11,203,122 | 11,203,122 | — | — | — | |||||||||||||||
| 11202 Cash - B of A A/P Expense Checks |
(213,760 | ) | (213,760 | ) | — | — | — | |||||||||||||
| 11203 Cash - B of A A/P Merch Checks |
(393,943 | ) | (393,943 | ) | — | — | — | |||||||||||||
| 11204 Cash - B of A A/P Expense (Retail) |
(3,551,469 | ) | — | (3,551,469 | ) | — | — | |||||||||||||
| 11209 Cash - B of A (6096) |
48,793 | — | 48,793 | — | — | |||||||||||||||
| 11211 American Express |
151,854 | — | 151,854 | — | — | |||||||||||||||
| 11212 American Express - Internet |
3,527 | — | — | 3,527 | — | |||||||||||||||
| 11213 Debit Card |
382,745 | — | 382,745 | — | — | |||||||||||||||
| 11214 Cash - Wet Seal Inc Concentration (6128) |
126,475 | 126,475 | — | — | — | |||||||||||||||
| 11217 M/C & Visa |
301,261 | — | 301,261 | — | — | |||||||||||||||
| 11218 M/C & Visa - Internet |
50,494 | — | — | 50,494 | — | |||||||||||||||
| 11219 Discover |
22,418 | — | 22,418 | — | — | |||||||||||||||
| 11220 Discover - Internet |
1,671 | — | — | 1,671 | — | |||||||||||||||
| 11221 Amazon Pay Phrase |
5,105 | — | — | 5,105 | — | |||||||||||||||
| 11222 Amazon Retail |
4,304 | — | — | 4,304 | — | |||||||||||||||
| 11223 ECA Checks |
1,055 | — | 1,055 | — | — | |||||||||||||||
| 11224 Cash - BofA Payroll-WS1“Retail” |
38,303 | — | 38,303 | — | — | |||||||||||||||
| 11225 Cash - BofA Payroll-WS2“Inc” |
255,300 | 255,300 | — | — | — | |||||||||||||||
| 11227 Cash - Wells Fargo (2375) |
62,575 | — | 62,575 | — | — | |||||||||||||||
| 11228 Cash - UMB (9215) |
4,731 | — | 4,731 | — | — | |||||||||||||||
| 11229 Cash - Bank Of Hawaii (7696) |
4,215 | — | 4,215 | — | — | |||||||||||||||
| 11230 Cash - ADP Refund Payroll Checks |
(542 | ) | — | (542 | ) | — | — | |||||||||||||
| 11234 Cash - Southbank (0928) |
5,466 | — | 5,466 | — | — | |||||||||||||||
| 11235 Cash - B of A (5505) |
23,335 | — | 23,335 | — | — | |||||||||||||||
| 11240 Cash - Capital One (3024) |
8,512 | — | 8,512 | — | — | |||||||||||||||
| 11241 Cash - Tri Counties Bank (4372) |
508 | — | 508 | — | — | |||||||||||||||
| 11242 Cash - MB Financial (3400) |
5,932 | — | 5,932 | — | — | |||||||||||||||
| 11245 Cash - IBC Bank (4224) |
21,145 | — | 21,145 | — | — | |||||||||||||||
| 11255 Cash - TD Bank (5953) |
1,230 | — | 1,230 | — | — | |||||||||||||||
| 11256 Cash - First Financial (2801) |
166 | — | 166 | — | — | |||||||||||||||
| 11260 Cash - Citizens Bank & Trust (8685) |
124 | — | 124 | — | — | |||||||||||||||
| 11261 Cash - Compass (3082) |
7,141 | — | 7,141 | — | — | |||||||||||||||
| 11264 Cash - Canandaigua Bank (6124) |
185 | — | 185 | — | — | |||||||||||||||
| 11268 Cash - Wells Fargo (7711) |
10,077 | — | 10,077 | — | — | |||||||||||||||
| 11270 Cash - First Citizens (7493) |
4,017 | — | 4,017 | — | — | |||||||||||||||
| 11271 Cash - PNC (3713) |
10,418 | — | 10,418 | — | — | |||||||||||||||
| 11273 Cash - BofA - Nations (5143) |
86,271 | — | 86,271 | — | — | |||||||||||||||
| 11278 Cash - Citibank- Cigna Dental |
3,983 | 3,983 | — | — | — | |||||||||||||||
| 11280 Cash - PayPal |
16,658 | 16,658 | — | — | — | |||||||||||||||
| 11282 Cash - M & T /Wilmington (2422) |
4,732 | — | 4,732 | — | — | |||||||||||||||
| 11286 Cash - Citibank (4202) |
4,756 | — | 4,756 | — | — | |||||||||||||||
| 11288 Cash - Wheatland Bank (2722) |
2,522 | — | 2,522 | — | — | |||||||||||||||
| 11290 Cash - Fidelity (4364) |
187 | — | 187 | — | — | |||||||||||||||
| 11292 Cash - Eastern Bank (1173) |
226 | — | 226 | — | — | |||||||||||||||
| 11293 Cash - Citizens Bank of Florida (9439) |
127 | — | 127 | — | — | |||||||||||||||
| 11294 Cash - American Savings (1847) |
3,148 | — | 3,148 | — | — | |||||||||||||||
| 11295 Cash - Arvest (6134) |
219 | — | 219 | — | — | |||||||||||||||
| 11296 Cash - Asheville Savings (1488) |
119 | — | 119 | — | — | |||||||||||||||
| 11298 Cash - Prosperity Bank (3019) |
2,991 | — | 2,991 | — | — | |||||||||||||||
| 11305 Cash - B of A Flex Ben (3869) |
91 | — | 91 | — | — | |||||||||||||||
| 11306 Cash - B of A LC (5600) |
14,769 | — | 14,769 | — | — | |||||||||||||||
| 11401 Cash - Metro Bank (2331) |
106 | — | 106 | — | — | |||||||||||||||
| 11403 Cash - Commerce (1282) |
4,344 | — | 4,344 | — | — | |||||||||||||||
| 11404 Cash - CoreFirst Bank (1670) |
3,147 | — | 3,147 | — | — | |||||||||||||||
| 11406 Cash - Central State (3180) |
189 | — | 189 | — | — | |||||||||||||||
| 11407 Cash - Central Pacific Bank (0497) |
171 | — | 171 | — | — | |||||||||||||||
| 11410 Cash - MainSource (8985) |
4,496 | — | 4,496 | — | — | |||||||||||||||
| 11412 Cash - Banco Popular (2034) |
3,404 | — | 3,404 | — | — | |||||||||||||||
| 11415 Cash - Bank Champaign (2168) |
542 | — | 542 | — | — | |||||||||||||||
| 11416 Cash - Bank Plus (2621) |
176 | — | 176 | — | — | |||||||||||||||
| 11440 Cash - JPM Chase (5732) |
39,383 | — | 39,383 | — | — | |||||||||||||||
| 11448 Cash - Bristol County Savings (3031) |
106 | — | 106 | — | — | |||||||||||||||
| 11450 Cash - BB & T (4524) |
1,263 | — | 1,263 | — | — | |||||||||||||||
| 11451 Cash - Bristol County Savings (3031) |
307 | — | 307 | — | — | |||||||||||||||
| 11462 Cash - Centrue Bank (2379) |
304 | — | 304 | — | — | |||||||||||||||
| 11464 Cash - First Financial Bank (0953) |
178 | — | 178 | — | — | |||||||||||||||
| 11465 Cash - First Commonwealth (8971) |
181 | — | 181 | — | — | |||||||||||||||
| 11466 Cash - Prosperity (0562) |
172 | — | 172 | — | — | |||||||||||||||
| 11468 Cash - First Niagara (2865) |
444 | — | 444 | — | — | |||||||||||||||
| 11477 Cash - Citibank (9462) |
6,631 | — | 6,631 | — | — | |||||||||||||||
| 11483 Cash - Cole Taylor (6577) |
4,594 | — | 4,594 | — | — | |||||||||||||||
| 11487 Cash - US Bank (6180) |
24,212 | — | 24,212 | — | — | |||||||||||||||
| 11493 Cash - First Place (6590) |
198 | — | 198 | — | — | |||||||||||||||
| 11494 Cash - Frost National (2394) |
176 | — | 176 | — | — | |||||||||||||||
| 11495 Cash - Comerica (5247) |
5,245 | — | 5,245 | — | — | |||||||||||||||
| 11505 Cash - Bremer (1137) |
(678 | ) | — | (678 | ) | — | — | |||||||||||||
| 11508 Cash - NBT Bank (0419) |
177 | — | 177 | — | — | |||||||||||||||
| 11537 Cash - First National - Utah (8801) |
154 | — | 154 | — | — | |||||||||||||||
| 11538 Cash - First Sentry (2195) |
3,051 | — | 3,051 | — | — | |||||||||||||||
| 11539 Cash - First National of Burleson (7881) |
102 | — | 102 | — | — | |||||||||||||||
| 11570 Cash - Plains Commerce (3268) |
2,630 | — | 2,630 | — | — | |||||||||||||||
| 11571 Cash - PNC (5029) |
18,118 | — | 18,118 | — | — | |||||||||||||||
| 11573 Cash - Huntington National (0721) |
2,302 | — | 2,302 | — | — | |||||||||||||||
| 11577 Cash - 5/3 Bank (4021) |
5,054 | — | 5,054 | — | — | |||||||||||||||
| 11581 Cash - Key Bank (7205) |
6,629 | — | 6,629 | — | — | |||||||||||||||
| 11599 Cash - BMO Harris (9030) |
783 | — | 783 | — | — | |||||||||||||||
| 11602 Cash - Pennstar Bank (1641) |
126 | — | 126 | — | — | |||||||||||||||
| 11603 Cash - People’s United (2442) |
120 | — | 120 | — | — | |||||||||||||||
| 11604 Cash - Pioneer Natl of Duluth (5500) |
181 | — | 181 | — | — | |||||||||||||||
| 11605 Cash - Sovereign (6840) |
2,674 | — | 2,674 | — | — | |||||||||||||||
| 11606 Cash - Sovereign (7956) |
7,644 | — | 7,644 | — | — | |||||||||||||||
| 11607 Cash - B of A - La Salle (5141) |
10,171 | — | 10,171 | — | — | |||||||||||||||
| 11609 Cash - Citizens (2501) |
5,908 | — | 5,908 | — | — | |||||||||||||||
| 11634 Cash - Sun National (8134) |
397 | — | 397 | — | — | |||||||||||||||
| 11635 Cash - Suntrust (7978) |
13,112 | — | 13,112 | — | — | |||||||||||||||
| 11651 Cash - BofA Inv (Cash/Cash Eq) |
5,070,454 | 5,070,454 | — | — | — | |||||||||||||||
| 11652 Cash - UBS Money Market |
100,037 | 100,037 | — | — | — | |||||||||||||||
| 11664 Cash - Salem Five (1098) |
2,511 | — | 2,511 | — | — | |||||||||||||||
| 11669 Cash - First American (4601) |
1,116 | — | 1,116 | — | — | |||||||||||||||
| 11675 Cash - Bank Financial (3903) |
5,154 | — | 5,154 | — | — | |||||||||||||||
| 11684 Cash - Regions (4895) |
33,952 | — | 33,952 | — | — | |||||||||||||||
| 11686 Cash - Umpqua (1802) |
379 | — | 379 | — | — | |||||||||||||||
| 11687 Cash - Valley National Bank (9151) |
2,347 | — | 2,347 | — | — | |||||||||||||||
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| 14,250,713 | 16,170,326 | (1,984,714 | ) | 65,101 | — | |||||||||||||||
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| In re The Wet Seal, Inc., et al. | Case No. 15-10081 (CSS) | |
| Reporting Period: 1/15/2015 to 1/31/2015 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| Check | Amount Paid | Year-To-Date | ||||||||||||||||
| Payee |
Period Covered | Amount Approved | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
| None paid for the reporting period. |
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| In re The Wet Seal, Inc., et al. | Case No. 15-10081 (CSS) | |
| Reporting Period: 1/15/2015 to 1/31/2015 |
| MOR - 2 | ||
| Debtor Income Statement-By Entity | ||
| For the Month Ended January 31, 2015 | ||
| (In thousands) |
| 01 | 02 | 03 | 04 | |||||||||||||||||
| CONSOLIDATED | WS INC(Co 01) | WS RETAIL(Co 02) | WS INTERNET(Co 03) | WS GC(Co 04) | ||||||||||||||||
| Unaudited |
Actual | Actual | Actual | Actual | Actual | |||||||||||||||
| Sales |
5,409 | — | 4,948 | 461 | — | |||||||||||||||
| Cost of Sales |
2,222 | — | 2,096 | 125 | — | |||||||||||||||
| Buying |
194 | 194 | — | — | — | |||||||||||||||
| Planning/Allocation |
53 | 53 | — | — | — | |||||||||||||||
| Warehouse |
171 | — | 171 | — | — | |||||||||||||||
| Occupancy |
1,840 | — | 1,840 | — | — | |||||||||||||||
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| Total Cost of Sales |
4,479 | 247 | 4,107 | 125 | — | |||||||||||||||
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| Gross Profit |
930 | (247 | ) | 841 | 336 | — | ||||||||||||||
| Gross Profit (Retail) |
3,187 | — | 2,852 | 336 | — | |||||||||||||||
| S,G & A |
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| Selling-Store Expense |
3,136 | — | 2,898 | 230 | 7 | |||||||||||||||
| Selling-Field Support |
208 | — | 208 | — | — | |||||||||||||||
| Gen & Admin Expense |
2,813 | 2,716 | 29 | 67 | — | |||||||||||||||
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| Total S,G&A Expenses |
6,157 | 2,716 | 3,136 | 297 | 7 | |||||||||||||||
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| Operating (Loss) Income |
(5,227 | ) | (2,963 | ) | (2,295 | ) | 38 | (7 | ) | |||||||||||
| Interest Exp , Net |
(98 | ) | (98 | ) | — | — | — | |||||||||||||
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| (Loss) Inc Cont Ops B4 Tax |
(5,325 | ) | (3,061 | ) | (2,295 | ) | 38 | (7 | ) | |||||||||||
| Inc Tax Provision |
31 | 31 | — | — | — | |||||||||||||||
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| (Loss) Inc from Cont Ops |
(5,356 | ) | (3,092 | ) | (2,295 | ) | 38 | (7 | ) | |||||||||||
| Net Inc (Loss) Disc Ops |
— | — | — | — | — | |||||||||||||||
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| Net (Loss) Inc-CS |
(5,356 | ) | (3,092 | ) | (2,295 | ) | 38 | (7 | ) | |||||||||||
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| In re The Wet Seal, Inc., et al. | Case No. 15-10081 (CSS) | |
| Reporting Period: 1/15/2015 to 1/31/2015 |
| MOR - 3 | ||
| Balance Sheet-By Entity-Condensed | ||
| January 31, 2015 |
| 01 | 02 | 03 | 04 | |||||||||||||||||
| CONSOLIDATED | WS INC(Co 01) | WS RETAIL(Co 02) | WS INTERNET(Co 03) | WS GC(Co 04) | ||||||||||||||||
| Actual | Actual | Actual | Actual | Actual | ||||||||||||||||
| Assets |
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| Current Assets: |
||||||||||||||||||||
| Cash And Cash Equivalents |
14,250,713 | 16,170,326 | (1,984,714 | ) | 65,101 | 0 | ||||||||||||||
| Other Receivables |
5,627,631 | 4,906,596 | 695,847 | 0 | 25,188 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Merchandise Inventories |
8,926,848 | 0 | 7,574,189 | 1,352,659 | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Prepaid Expenses |
8,009,811 | 3,471,397 | 4,538,414 | 0 | 0 | |||||||||||||||
| Total Current Assets |
36,815,003 | 24,548,319 | 10,823,736 | 1,417,760 | 25,188 | |||||||||||||||
| Equipment And Leasehold Improvements: |
||||||||||||||||||||
| Leasehold Improvements |
24,119,807 | 2,812,955 | 21,289,201 | 17,651 | 0 | |||||||||||||||
| Furniture, Fixtures And Equipment |
39,727,770 | 20,883,844 | 15,619,419 | 3,224,507 | 0 | |||||||||||||||
| Construction In Progress |
1,682,744 | 895,547 | 787,197 | 0 | 0 | |||||||||||||||
| Less Accumulated Depreciation |
(44,472,026 | ) | (19,219,394 | ) | (23,033,571 | ) | (2,219,061 | ) | 0 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Equipment And Leasehold Improvements |
21,058,295 | 5,372,952 | 14,662,246 | 1,023,097 | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Other Assets: |
||||||||||||||||||||
| Other Assets and CEO Retirement Plan |
1,914,360 | 1,706,157 | 206,203 | 2,000 | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Other Assets |
1,914,360 | 1,706,157 | 206,203 | 2,000 | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
59,787,658 | 31,627,428 | 25,692,185 | 2,442,857 | 25,188 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities And Stockholders’ (Deficit) Equity |
||||||||||||||||||||
| Current Liabilities: |
||||||||||||||||||||
| Accounts Payable-Merchandise |
||||||||||||||||||||
| Subject to compromise |
8,019,127 | 0 | 6,014,345 | 2,004,782 | 0 | |||||||||||||||
| Not subject to compromise |
544,260 | 0 | 408,195 | 136,065 | 0 | |||||||||||||||
| Accounts Payable |
||||||||||||||||||||
| Subject to compromise |
7,710,166 | 169,886 | 7,254,082 | 286,198 | 0 | |||||||||||||||
| Not subject to compromise |
2,465,200 | 1,175,499 | 1,137,708 | 138,026 | 13,967 | |||||||||||||||
| Accrued Liabilities |
||||||||||||||||||||
| Subject to compromise |
3,119,302 | 78,661 | 3,040,641 | 0 | 0 | |||||||||||||||
| Not subject to compromise |
13,725,330 | 1,126,925 | 9,000,150 | 273,644 | 3,324,611 | |||||||||||||||
| S-T Portion of Notes/Warrants/Derivatives |
15,765,185 | 15,765,185 | 0 | 0 | 0 | |||||||||||||||
| Unamortized Debt Discount - Current |
(2,352,897 | ) | (2,352,897 | ) | 0 | 0 | 0 | |||||||||||||
| Short-Term Deferred Rent |
1,317,292 | 0 | 1,317,292 | 0 | 0 | |||||||||||||||
| Intercompany AP/AR - NET |
1 | 193,500,202 | (132,640,247 | ) | (69,215,453 | ) | 8,355,499 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Current Liabilities |
50,312,966 | 209,463,461 | (104,467,834 | ) | (66,376,738 | ) | 11,694,077 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Long Term Liabilities: |
||||||||||||||||||||
| Convertible Notes - Long Term |
13,150,000 | 13,150,000 | 0 | 0 | 0 | |||||||||||||||
| Unamortized Debt Discount - Long-Term |
(1,211,025 | ) | (1,211,025 | ) | 0 | 0 | 0 | |||||||||||||
| Deferred Rent |
11,011,490 | 0 | 11,011,490 | 0 | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Long Term Liabilities |
22,950,465 | 11,938,975 | 11,011,490 | 0 | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
73,263,431 | 221,402,436 | (93,456,344 | ) | (66,376,738 | ) | 11,694,077 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Stockholders’ (Deficit) Equity: |
||||||||||||||||||||
| Common Stock |
8,459,234 | 8,459,234 | 0 | 0 | 0 | |||||||||||||||
| Paid-In Capital |
218,818,803 | 218,818,803 | 0 | 0 | 0 | |||||||||||||||
| Retained Earnings |
(157,863,950 | ) | (370,728,421 | ) | 159,068,328 | 64,916,244 | (11,120,101 | ) | ||||||||||||
| Current Period Earnings |
(82,834,240 | ) | (46,269,004 | ) | (39,919,799 | ) | 3,903,351 | (548,788 | ) | |||||||||||
| Less Cost Of Treasury Stock |
(55,620 | ) | (55,620 | ) | 0 | 0 | 0 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Stockholders’ (Deficit) Equity |
(13,475,773 | ) | (189,775,008 | ) | 119,148,529 | 68,819,595 | (11,668,889 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities And Stockholders’ Equity |
59,787,658 | 31,627,428 | 25,692,185 | 2,442,857 | 25,188 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| In re The Wet Seal, Inc., et al. | Case No. 15-10081 (CSS) | |
| Reporting Period: 1/15/2015 to 1/31/2015 |
STATUS OF POSTPETITION TAXES
The Wet Seal, Inc.
| Beginning Tax Liability |
Amount Withheld or Accrued |
Amount Paid |
Ending Tax Liability |
|||||||||||||
| Federal |
||||||||||||||||
| Withholding |
— | 204,293 | 204,293 | — | ||||||||||||
| FICA-Employee |
— | 127,339 | 127,339 | — | ||||||||||||
| FICA-Employer |
— | 127,339 | 127,339 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Federal Taxes |
— | 458,972 | 458,972 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| State and Local |
||||||||||||||||
| Withholding |
— | 67,743 | 67,743 | — | ||||||||||||
| Sales |
— | 244,752 | 176,920 | 67,832 | ||||||||||||
| Unemployment |
— | 7,155 | 7,155 | — | ||||||||||||
| Income |
— | 30,945 | — | 30,945 | ||||||||||||
| Personal Property |
— | 12,427 | — | 12,427 | ||||||||||||
| Total State and Local |
— | 363,022 | 251,818 | 111,204 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Taxes |
— | 821,994 | 710,790 | 111,204 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 |
1,511,145 | — | 1,511,145 | |||||||||||||||||||||
| Wages Payable |
680,825 | — | 680,825 | |||||||||||||||||||||
| Taxes Payable |
111,204 | — | 111,204 | |||||||||||||||||||||
| Rent/Leases-Building |
— | 2,043,204 | 2,043,204 | |||||||||||||||||||||
| Professional Fees |
1,051,815 | — | 1,051,815 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Postpetition Debts |
3,354,989 | 2,043,204 | — | — | — | 5,398,193 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| In re The Wet Seal, Inc., et al. | Case No. 15-10081 (CSS) | |
| Reporting Period: 1/15/2015 to 1/31/2015 |
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 provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | ||||