Wet Seal to Close 338 Stores

The downfall of Wet Seal took another step forward Wednesday when the retailer announced it will shutter 338 stores. The store closings bring the termination of around 3,695 full- and part-time employees. After the closures, Wet Seal will have just 173 stores remaining, along with its online business. "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," CEO Ed Thomas said in a statement.