Wet Seal announces store closures across United States
Moist Seal is reportedly closing all of its shops and shedding its staff. In a letter obtained by the Wall Road Journal, the teenager retailer notified staff in its Irvine, Calif., headquarters that the workplace would completely shut and all employees would lose their jobs.
“Sadly, the corporate was unable to acquire the mandatory capital or establish a strategic companion, and was not too long ago knowledgeable that it’s going to obtain no additional financing for its operations,” mentioned Vice President and Normal Counsel Michelle Stocker within the letter.
Moist Seal has 171 shops in 42 states, in keeping with its web site. A kind of shops is situated on the Castleton Sq. Mall in Indianapolis.
Moist Seal beforehand filed for chapter safety in 2015. Versa Capital Administration LLC later acquired the corporate for $7.5 million, and on the time, promised to maintain not less than 140 shops open. However after the teenager retailer continued to wrestle and noticed its gross sales endure, individuals aware of the matter informed the Journal.
Instances are powerful for American retailers usually. Simply this month, The Restricted introduced it could shut all shops earlier than submitting for chapter safety, and Sears Holdings introduced the closure of dozens of Kmart and Sears places. Each Talbots and The Loft additionally closed their doorways on the Circle Centre Mall downtown.