Teen-apparel retailer Wet Seal edged closer to the end with news that it would close 338 stores— two-thirds of its total stores—and lay off 3,695 employees.
That will leave just 173 stores and its website still in operation.
The retailer has struggled for a while, and last April closed all of its Arden B stores.
The teen clothing category has been a tough one for a while now, with Deb Shops, Delia’s, and Body Central facing bankruptcy, and others struggling to find their way. Wet Seal earlier last year shuttered its Arden B brand and shook up its board and executive suite. But it hasn’t been able to right itself in the face of declining sales and the increasing vulnerability of mall-based retailers.