Damn, Wet Seal is closing… Online shopping messing up the game..
According to Yahoo Finance
The mall-based retailer is planning to close all of its 173 or so stores after failing to turn its business around, according to several media reports. The company did not immediately return a request from Fortune for comment, but a worker adjustment and retraining notification (WARN) with the state of California last week said it was laying off 148 workers at its Irvine headquarters, saying “closure permanent.”
The Wall Street Journal obtained a letter dated January 20, sent to staff at headquarters, saying Wet Seal had been unable to find a buyer or get a cash injection, forcing it to close down. “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,” Vice President and General Counsel Michelle Stocker wrote in the letter the Wall Street Journal reviewed.
wet seal and forever 21 were like the same exact store.. Retail workers should look into building their skill set around it instead of brick and mortar stores. It’s the present and future of successful retail business.