The investment firm will also acquire Arden B, Blink, Chic Boutique and other brands.

Gordon Brothers, a global advisory, restructuring and investment firm, will acquire the Wet Seal brand.

The acquisition will also include other brands within the Wet Seal portfolio, including Arden B, Blink, Chic Boutique and several others. The transaction is currently pending final court approval.

Additional details regarding the transaction were not disclosed.

"Despite the increasing challenges facing teen retailers, we at Gordon Brothers strongly believe in the long-term viability of the category," says Ramez Toubassy, president, brands, Gordon Brothers. "Our plan for Wet Seal is to rebuild and reposition the brand and develop a unique, new business model to best position it for future success."

Founded in 1990, Wet Seal is a consumer brand known for its surf-and-sun style targeted toward fashion-focused teens. As recently as 2014, the business reported more than $500 million in revenue and 478 retail locations.