Wet Seal Suddenly Closing All Its Stores

Struggling teen apparel retailer Wet Seal is suddenly closing all 148 of its U.S. stores, according to a report in MSN and other outlets. It joins Limited Stores this month as yet another victim of the rapid shift in consumer buying habits that is hitting store chains hard.

This news comes two years after Wet Seal closed 338 of its (at the time) 511 stores, shortly before the company filed for bankruptcy protection. Analysts said then that falling foot traffic led to the decision.

Now Versa Capital, which acquired Wet Seal for $7.5 million in 2015 after the bankruptcy filing, could not raise enough funds or find a buyer for the troubled chain, leading to today’s news.

You can read the entire account here.


Partner Content

3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Build the Foundation for Great Customer Experiences - NetSuite
Understand how consistent, timely, relevant and personalized experiences are enabled by having the right technology foundation in place.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.