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.

 

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