Seal123 (WTSL) 8-K Other Events

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re The Wet Seal, Inc.,etal.	Case No. 15-10081 (CSS)
	Reporting Period: 2/1/2015 to 2/28/2015

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
Cash disbursements journals
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
Copies of tax returns filed during reporting period
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.

	March 27, 2015
Signature of Debtor	Date
Signature of Joint Debtor	Date
	March 27, 2015
Signature of Authorized Individual*	Date
Thomas R. Hillebrandt	Interim Chief Financial Officer
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.,etal.	Case No. 15-10081 (CSS)
	Reporting Period: 2/1/2015 to 2/28/2015

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

FOR THE PERIOD FEBRUARY 1 to FEBRUARY 28, 2015

(In thousands)

Unaudited

MOR -1

	WS Inc.			WS Retail			WS Catalog		WS Gift card		Total company
Cash Receipts
Cash and checks		—			4,382			—		—		4,382
Credit card		—			6,956			1,515		—		8,471
Other		93			—			—		—		93
Total receipts		93			11,338			1,515		—		12,945
Cash Disbursements
Advertising		17			—			17		—		34
Benefits/Medical		243			45			1		—		289
Freight out		159			32			55		—		245
Merchandise		—			7,694			—		—		7,694
Other		466			490			72		—		1,028
Payroll		1,050			2,136			61		—		3,247
Rent		86			3,811			—		—		3,897
Sales tax		—			416			23		—		438
Temp help		28			85			72		—		185
Total disbursements		2,049			14,709			300		—		17,058
Net Operating Cash Flow		(1,956	)		(3,371	)		1,215		—		(4,112	)
Non-operating Professional Fees		220			—			—		—		220
Capital Expenditure		34			—			—		—		34
Letter of credit		—			2,500			—		—		2,500
Total Non-operating disbursements		254			2,500			—		—		2,754
Net Cash Flow		(2,211	)		(5,871	)		1,215		—		(6,867	)
Disbursements for calculating US Trustee Quarterly Fees:
Total disbursements		2,303			17,209			300		—		19,812
US Trustee Fees*		3			15			2		—		20

* US Trustee fees reflected in the table above are subject to change as disbursements by debtor reflect only one month of the quarter.

In re The Wet Seal, Inc.,etal.	Case No. 15-10081 (CSS)
	Reporting Period: 2/1/2015 to 2/28/2015

Schedule of Bank Accounts with Book Balances

(In thousands)

Bank Account	CONSOLIDATED			WS INC(Co 01)		WS RETAIL(Co 02)			WS INTERNET(Co 03)		WS GC(Co 04)
11101 Cash On Hand		109			2		107			—		—
11201 Cash - B of A Main (0086)		6,758			—		6,758			—		—
11202 Cash - B of A A/P Expense Checks		(648	)		—		(648	)		—		—
11203 Cash - B of A A/P Merch Checks		(166	)		—		(166	)		—		—
11204 Cash - B of A A/P Expense (Retail)		(3,852	)		—		(3,852	)		—		—
11208 Cash - AP WS/TSG		83			—		83			—		—
11209 Cash - B of A (6096)		59			—		59			—		—
11211 American Express		209			—		209			—		—
11212 American Express - Internet		8			—		—			8		—
11213 Debit Card		566			—		566			—		—
11214 Cash - Wet Seal Inc Concentration (6128)		295			—		295			—		—
11217 M/C & Visa		420			—		420			—		—
11218 M/C & Visa - Internet		151			—		—			151		—
11219 Discover		25			—		25			—		—
11220 Discover - Internet		5			—		—			5		—
11221 Amazon Pay Phrase		14			—		—			14		—
11222 Amazon Retail		5			—		—			5		—
11223 ECA Checks		2			—		2			—		—
11224 Cash - BofA Payroll-WS1“Retail”		32			—		32			—		—
11225 Cash - BofA Payroll-WS2“Inc”		16			—		16			—		—
11227 Cash - Wells Fargo (2375)		74			—		74			—		—
11228 Cash - UMB (9215)		4			—		4			—		—
11229 Cash - Bank Of Hawaii (7696)		5			—		5			—		—
11230 Cash - ADP Refund Payroll Checks		(1	)		—		(1	)		—		—
11234 Cash - Southbank (0928)		5			—		5			—		—
11235 Cash - B of A (5505)		51			—		51			—		—
11240 Cash - Capital One (3024)		10			—		10			—		—
11241 Cash - Tri Counties Bank (4372)		1			—		1			—		—
11242 Cash - MB Financial (3400)		9			—		9			—		—
11245 Cash - IBC Bank (4224)		22			—		22			—		—
11255 Cash - TD Bank (5953)		1			—		1			—		—
11261 Cash - Compass (3082)		16			—		16			—		—
11268 Cash - Wells Fargo (7711)		11			—		11			—		—
11270 Cash - First Citizens (7493)		7			—		7			—		—
11271 Cash - PNC (3713)		13			—		13			—		—
11273 Cash - BofA - Nations (5143)		109			—		109			—		—
11278 Cash- Citibank- Cigna Dental		3			—		3			—		—
11280 Cash - PayPal		49			—		—			49		—
11282 Cash - M & T /Wilmington (2422)		8			—		8			—		—
11286 Cash - Citibank (4202)		4			—		4			—		—
11288 Cash - Wheatland Bank (2722)		4			—		4			—		—
11294 Cash - American Savings (1847)		5			—		5			—		—
11298 Cash - Prosperity Bank (3019)		2			—		2			—		—
11305 Cash - B of A Flex Ben (3869)		3			—		3			—		—
11306 Cash - B of A LC (5600)		14			—		14			—		—
11307 Cash - B of A Utility Assurance		108			—		108			—		—
11403 Cash - Commerce (1282)		5			—		5			—		—
11404 Cash - CoreFirst Bank (1670)		2			—		2			—		—
11410 Cash - MainSource (8985)		4			—		4			—		—
11412 Cash - Banco Popular (2034)		4			—		4			—		—
11440 Cash - JPM Chase (5732)		41			—		41			—		—
11450 Cash - BB & T (4524)		1			—		1			—		—
11477 Cash - Citibank (9462)		5			—		5			—		—
11483 Cash - Cole Taylor (6577)		4			—		4			—		—
11487 Cash - US Bank (6180)		27			—		27			—		—
11495 Cash - Comerica (5247)		6			—		6			—		—
11538 Cash - First Sentry (2195)		4			—		4			—		—
11570 Cash - Plains Commerce (3268)		4			—		4			—		—
11571 Cash - PNC (5029)		19			—		19			—		—
11573 Cash - Huntington National (0721)		3			—		3			—		—
11577 Cash - 5/3 Bank (4021)		5			—		5			—		—
11581 Cash - Key Bank (7205)		10			—		10			—		—
11599 Cash - BMO Harris (9030)		1			—		1			—		—
11605 Cash - Sovereign (6840)		6			—		6			—		—
11606 Cash - Sovereign (7956)		11			—		11			—		—
11607 Cash - B of A - La Salle (5141)		12			—		12			—		—
11609 Cash - Citizens (2501)		9			—		9			—		—
11635 Cash - Suntrust (7978)		13			—		13			—		—
11651 Cash - BofA Inv (Cash/Cash Eq)		2,403			—		2,403			—		—
11652 Cash - UBS Money Market		100			—		100			—		—
11664 Cash - Salem Five (1098)		5			—		5			—		—
11669 Cash - First American (4601)		1			—		1			—		—
11675 Cash - Bank Financial (3903)		4			—		4			—		—
11684 Cash - Regions (4895)		34			—		34			—		—
11687 Cash - Valley National Bank (9151)		3			—		3			—		—
		7,383			2		7,149			232		—

In re The Wet Seal, Inc.,etal.	Case No. 15-10081 (CSS)
	Reporting Period: 2/1/2015 to 2/28/2015

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all retained professional payments from case inception to current month.

(In thousands)

Check

Amount Paid

Year-To-Date

Payee

Period Covered

Amount Approved

Payor

Number

Date

Fees

Expenses

Fees

Expenses

Donlin, Recano & Company, Inc.

1/15/15 - 1/31/15

225

The Wet Seal, Inc.

563729

2/19/2015

176

49

176

49

In re The Wet Seal, Inc.,etal.	Case No. 15-10081 (CSS)
MOR - 2	Reporting Period: 2/1/2015 to 2/28/2015
Debtor Income Statement-By Entity
For the Month Ended February 28, 2015
(In thousands)

				01			02			03		04
Unaudited	CONSOLIDATED Actual			WS INC(Co 01) Actual			WS RETAIL(Co 02) Actual			WS INTERNET(Co 03) Actual		WS GC(Co 04) Actual
Sales		12,846			—			11,529			1,317		—
Cost of Sales		5,219			—			4,503			715		—
Buying		228			228			—			—		—
Planning/Allocation		71			71			—			—		—
Warehouse		328			—			328			—		—
Occupancy		4,370			—			4,370			—		—
Total Cost of Sales		10,216			299			9,201			715		—
Gross Profit		2,630			(299	)		2,328			601		—
Gross Profit (Retail)		7,628			—			7,026			601		—
S,G & A
Selling-Store Expense		3,112			—			2,673			426		13
Selling-Field Support		242			—			242			—		—
Gen & Admin Expense		3,498			3,359			31			108		0
Total S,G&A Expenses		6,851			3,359			2,946			533		13
Operating (Loss) Income		(4,221	)		(3,658	)		(618	)		68		(13	)
Interest Inc , Net		8			8			—			—		—
(Loss) Inc Cont Ops B4 Tax		(4,212	)		(3,649	)		(618	)		68		(13	)
Inc Tax Provision		7			7			—			—		—
(Loss) Inc from Cont Ops		(4,219	)		(3,656	)		(618	)		68		(13	)
Net Inc(Loss) Disc Ops		—			—			—			—		—
Net (Loss) Inc-CS		(4,219	)		(3,656	)		(618	)		68		(13	)

In re The Wet Seal, Inc.,etal.	Case No. 15-10081 (CSS)
MOR - 3	Reporting Period: 2/1/2015 to 2/28/2015
Balance Sheet-By Entity-Condensed
February, 2015
(In thousands)

				01			02			03			04
	CONSOLIDATED Actual			WS INC(Co 01) Actual			WS RETAIL(Co 02) Actual			WS INTERNET(Co 03) Actual			WS GC(Co 04) Actual
Assets
Current Assets:
Cash And Cash Equivalents		7,383			2			7,149			232			—
Other Receivables		6,362			5,632			701			16			14
Merchandise Inventories		11,257			—			9,393			1,864			—
Prepaid Expenses		7,561			3,549			4,012			—			—
Total Current Assets		32,563			9,182			21,255			2,111			14
Equipment And Leasehold Improvements:
Leasehold Improvements		24,120			2,813			21,289			18			—
Furniture, Fixtures And Equipment		39,728			20,884			15,619			3,225			—
Construction In Progress		1,703			939			764			—			—
Less Accumulated Depreciation		(44,893	)		(19,392	)		(23,252	)		(2,248	)		—
Net Equipment And Leasehold Improvements		20,658			5,244			14,420			994			—
Other Assets:
Other Assets		1,928			1,706			220			2			—
Total Other Assets		1,928			1,706			220			2			—
Total Assets		55,150			16,132			35,896			3,107			14
Liabilities And Stockholders’ (Deficit) Equity
Current Liabilities:
Accounts Payable-Merchandise
Subject to compromise		6,380			—			4,785			1,595			—
Not subject to compromise		328			—			246			82			—
Accounts Payable
Subject to compromise		5,288			513			4,479			295			—
Not subject to compromise		7,090			3,199			3,631			236			24
Accrued Liabilities
Subject to compromise		3,029			27			3,002			—			—
Not subject to compromise		13,160			1,079			8,510			490			3,081
Notes/Warrants/Derivatives		28,915			28,915			—			—			—
Unamortized Debt Discount		(3,564	)		(3,564	)		—			—			—
Short-Term Deferred Rent		12,218			723			11,495			—			—
Intercompany AP/AR - NET		—			178,690			(118,831	)		(68,454	)		8,594
Total Current Liabilities		72,844			209,583			(82,682	)		(65,755	)		11,699
Total Liabilities		72,844			209,583			(82,682	)		(65,755	)		11,699
Stockholders’ (Deficit) Equity:
Common Stock		8,459			8,459			—			—			—
Paid-In Capital		218,819			218,819			—			—			—
Retained Earnings		(240,698	)		(417,017	)		119,196			68,795			(11,672	)
Current Period Earnings		(4,219	)		(3,656	)		(618	)		68			(13	)
Less Cost Of Treasury Stock		(56	)		(56	)		—			—			—
Total Stockholders’ (Deficit) Equity		(17,695	)		(193,451	)		118,578			68,862			(11,685	)
Total Liabilities And Stockholders’ Equity		55,150			16,132			35,896			3,107			14

In re The Wet Seal, Inc.,etal.	Case No. 15-10081 (CSS)
	Reporting Period: 2/1/2015 to 2/28/2015

STATUS OF POSTPETITION TAXES

(In thousands)

The Wet Seal, Inc.

Federal	Beginning Tax Liability		Amount Withheld or Accrued		Amount Paid		Ending Tax Liability
Withholding		—		34		34		—
FICA-Employee		—		14		14		—
FICA-Employer		—		14		14		—
Total Federal Taxes		—		63		63		—
State and Local
Withholding		—		12		12		—
Sales		68		704		707		65
Unemployment		—		1		1		—
Income		31		—		—		31
Personal Property		12		23		—		35
Total State and Local		111		739		720		131
Total Taxes		111		739		720		131

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		3,311		—		—		—		—		3,311
Wages Payable		749		—		—		—		—		749
Taxes Payable		131		—		—		—		—		131
Rent/Leases-Building		—		2,067		—		—		—		2,067
Professional Fees		1,283		—		—		—		—		1,283
Total Postpetition Debts		5,474		2,067		—		—		—		7,541

In re The Wet Seal, Inc.,etal.	Case No. 15-10081 (CSS)
	Reporting Period: 2/1/2015 to 2/28/2015

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 opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.	X			<A>

<A> Bank of America Utility Assurance account number (XXXXXX-3491) was opened and funded on February 5, 2015. This account was established to fund an adequate assurance deposit pursuant to a Utilities Order entered by the Bankruptcy Court.