Teen Retailer Wet Seal to Close All Stores
CBS 5 (MEREDITH) - Another storefront bites the dust. Teen clothing chain Wet Seal is calling it quits after failing to nail down a buyer to turn the business around.
In a letter obtained by the Wall Street Journal, the retailer notified employees on Jan. 20 that its headquarters would permanently shut down and all of it's workers would lose their jobs.
“Unfortunately, the company was unable to obtain the necessary capital or identify a strategic partner, and was recently informed that it will receive no further financing for its operations,” Vice President and General Counsel Michelle Stocker wrote in the letter.
Currently the company has 171 stores in 42 states, according to it's website.
In 2015, Wet Seal closed more than 60 percent of its stores shortly before it declared bankruptcy.
This is the latest in a string of mall retailers closing up shop on a large scale. Earlier this month, the Limited announced it was closing all stores and laying off more than 4,000 workers.
Several mall retailers have taken a hit in recent years due in part to decreased foot traffic and online shopping.
Copyright 2017 (Meredith Corporation). All rights reserved.