Headlines

Wet Seal to Close Two-Thirds of Stores

Will shutter 338 units

Published

9 years ago

January 8, 2015

Sarah Whitman

Teen clothing retailer Wet Seal Inc. (Foothill Ranch, Calif.) announced it will close two-thirds of its stores and cut almost 3700 jobs, after failing to win concessions from landlords.

The 338 stores that are shutting represented about 48 percent of the company’s sales for the nine months ended Nov. 1, Wet Seal said yesterday in a statement.

Wet Seal has been trying to cut costs after losing more than $150 million during the past two years, according to Bloomberg. The company said it expects to continue to operate about 173 stores, along with its online business, after the closings are completed.

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