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Wet Seal to close 338 stores, cut 3,695 jobs
Things are not looking up at Wet Seal, which has announced that it will close 338 stores, or about 66% of its total portfolio, “on or about” Jan. 7, resulting in the termination of some 3,695 full- and part-time employees.
The struggling teen apparel retailer said the decision to close the stores was based on its overall financial condition and an inability to negotiate meaningful concessions from its landlords.
The company said the 338 stores represented approximately 48% of its sales for the nine months ending on November 1, 2014.