On Wednesday, this well-known retailer announced their decision to close about two-thirds of their stores, which is equivalent to about 338 stores. This ultimately means that 3,700 people were left unemployed, searching for jobs.

 

The company plans to keep its Internet business along with keeping about 173 store locations open, but the Wet Seal on 14th St in Manhattan has sadly confirmed that they will be shutting down for good.

 

“This was a very difficult decision to make, but after reviewing many other options since I returned to the company in September, our financial condition leaves us no other alternative than to close these stores,” Wet Seal, Inc CEO Ed Thomas said.

 

Wet Seal and other several teen chains such as Abercrombie & Fitch have been facing declining numbers in mall traffic, and have been struggling to compete with fast-paced fashion stores like Forever21 and H&M who can turn out new styles quickly, and sell them at low prices.

 

Wet Seal also warned in December that they were facing financial troubles and might have to file for bankruptcy protection.

It is sad to see this once popular thriving teen store suddenly leave the market, no longer able to stay afloat.

 

SOURCE NY DAILY NEWS