However, following the $15.2-million bid made by Wet Seal, BCBG Max Azria Group Inc. countered offered, and requested that a US bankruptcy court deny Wet Seal's bid. In turn, BCBG pledged to pay $15.2 million in cash for G+G as well as $22 million to the company's unsecured creditors over five years. According to court documents, BCBG offered to also provide more than $20 million of fresh inventory, and rehire more than half of the retailer's terminated employees.While there have been no further details released regarding the auction, locally based Wet Seal has been in a turnaround of its own. During its latest reported financial quarter, which ended Oct. 29, the company posted a $6.5-million loss, down from $24.2 million during the same year-ago period. This year executives had 20 to 25 new stores planned on top of its portfolio of 402 namesake units and its 93-store Arden B. chain, a more expensive concept that targets an older customer.
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