Wet Seal, the teen retailer that was once a favorite among the younger generation, is closing all of its 171 brick-and-mortar stores, including the one in Springfield Mall, writes Suzette Parmley for the Philadelphia Inquirer.
“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,” said Michelle Stocker, Wet Seal’s vice president and general counsel.
The chain focuses on selling clothing and accessories aimed at young women. Today, with nearly 3,000 employees, it has become the latest victim of the rise of online shopping and rapidly declining in-store sales.
According to analysts, retailers focused on teens are the most vulnerable category in the showdown between online and brick-and-mortar, as that age group is the most tech-savvy. Additionally, they have to compete with trendier newcomers who can conquer the throne of the current favorite in this easily swayed demographic.
“We haven’t gotten a date yet,” said an anonymous clerk at the Wet Seal in Springfield Mall. “They told us whenever we’re out of inventory. But it’s still pretty full in here.”
Read more about the closures in the Philadelphia Inquirer by clicking here.