Wet Seal Closes 338 Stores

The closed stores represented approximately 48 percent of Wet Seal's  $316.3 million net sales for the nine months ending on Nov. 1. The company reported a net loss of almost $80 million in the same period.

"This was a very difficult decision to make, but after reviewing many other options since I returned to the company in September, our financial condition leaves us no other alternative than to close these stores," says Ed Thomas, chief executive officer, The Wet Seal. "This is an extremely difficult time for the entire Wet Seal team, and we are doing everything we can to protect the interests of all of our stakeholders, including our employees."