Wet Seal going out of business, closing 171 stores

Wet Seal going out of business, closing 171 stores
Posted at 6:39 PM, Jan 27, 2017

Wet Seal, a chain teen-focused women’s fashion store, is planning on closing all of its 171 stores.

According to the Wall Street Journal, the company informed employees at its corporate headquarters that the struggling business would permanently close the office on Jan. 20.

“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, according to The Wall Street Journal.

The Journal also reports that all those employed with Wet Seal would be out of a job.

Wet Seal previously filed for bankruptcy in 2015, laying off 3,700 employees in 42 states.

The store originally opened as a swimwear shop in Newport Beach, Calif. in 1962.

Alex Hider is a writer for the E.W. Scripps National Desk. Follow him on Twitter @alexhider.