An announcement was issued by Wet Seal to the majority of their representatives in its Irvine, Calif., central station that the workplace would for all time close and all specialists would lose their occupations.
In the company’s letter, Vice President and General Counsel Michelle Stocker said “Unfortunately, the company was unable to obtain the necessary capital or identify a strategic partner, and was recently informed that it will receive no further financing for its operations,”
Wet Seal has 171 stores in 42 states, as indicated by its site. One of those stores is situated at the Castleton Square Mall in Indianapolis. Wet Seal already petitioned for chapter 11 assurance in 2015. Versa Capital Management LLC later gained the organization for $7.5 million, and at the time, guaranteed to keep no less than 140 stores open. However, after the high schooler retailer kept on battling and saw its deals endure, individuals acquainted with the matter told the Journal.
Circumstances are difficult for American retailers as a rule. Simply this month, The Limited reported it would close all stores before petitioning for insolvency insurance, and Sears Holdings declared the conclusion of many Kmart and Sears areas. Both Talbots and The Loft likewise shut their entryways at the Circle Center Mall downtown.