Teen apparel retailer The Wet Seal LLC has filed for Chapter 11 bankruptcy for the second time in as many years.

The company filed the petition in the United States Bankruptcy Court for the District of Delaware yesterday (2 February).

Based in Irvine, California, Wet Seal listed assets of between US$10m and $50m and liabilities of $50m to $100m, according to reports.

The news comes a week after the retailer is understood to have shuttered all of its stores after failing to secure a buyer or fresh capital.

Wet Seal to shutter all stores?

The company previously filed for Chapter 11 bankruptcy protection in January 2015, before an affiliate of private equity investment firm Versa Capital Management won an auction to acquire the beleaguered retailer two months later. The takeover by Versa Capital Management was completed in April of the same year.

Both Wet Seal and the company's private-equity backer, Versa Capital Management, did not return a request for comment at the time of going to press.