Popular Clothing Outlet Closing Hundreds Of Stores

Popular Clothing Outlet Closing Hundreds Of Stores

A popular shopping destination for trendy teens and money-managing twenty-somethings, Wet Seal is closing over three hundred stores. The move will take away almost 3,700 jobs for full-time and part-time workers. About two-thirds of the company's stores are shutting down due to difficult financial obstacles that have permeated the company for years. The clothing outlet has been unable to come to an agreement with those who own the company's property, and the closings go into effect January 7th.



Wet Seal announced in early December that it was considering the decision to file for bankruptcy protection, while revealing its fourth-quarter losses. It seems that smaller teenage fashion stores are struggling to compete with larger corporations, such as Forever 21 and H&M. While all of these chains offer trendy clothing, shoes, and accessories at cheap prices, the latter stores seem to be seeing more success.



Founded in 1962 in California, Wet Seal has been a fixture in many malls throughout the United States, but has a history of problems with establishing a proper image in the industry. With a clientele that ranges from preteens in middle school, to almost 30-year-old women, Wet Seal could never really decide which demographic to appeal to.



After Wednesday, Wet Seal will have 173 stores in operation, as well as its online store. The company has seen two years in a row of losses. Last year's third quarter numbers saw losses triple to $36.9 million. The expected hit to the company due to the closings is between $5.4 million and $6.4 million.

 

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