Wet Seal to close 150 stores, layoff 2,000 employees

[UpInArms]

http://www.newratings.com/analyst_news/article_599086.html

NEW YORK, December 29 (newratings.com) – Clothing retailer Wet Seal Inc (WTSLA.NAS) announced today plans to close its 150 underperforming stores and layoff about 2,000 employees as part of its restructuring programme.

The California-based company said in a statement that it had appointed a third party liquidator to manage the inventory liquidations for the 150 stores and expected to complete the closure by end-February. Wet Seal said that the results for the fourth quarter ending January would be negatively impacted by the store closure and personal severance costs.

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[Florida_Geek]

1. mmmmm interesting products :)

[wicket]

2. yup, the economy is just BOOMING

Bleh :(

[RoeBear]

6. Even in the best of economies

companies fail.

[wicket]

8. I know

But it doesn't make it any easier for the employees being put out in the cold. This job market stinks!

[ET Awful]

3. Oh boy, Wet Seal, the store that I immediately thought of

when watching the Paris Hilton South Park episode . . . .

"Anyway, I'm pleased to be here in Gouth Dark to announce the opening of my brand new store, a store where girls can buy everything they need to be just like me! (store is unveiled) Stupid Spoiled Whore!" -Paris Hilton

one of the girls: Hey check it out! The new Paris Hilton perfume, Skanque..(Infamous commercial whisper) "Skanque"

[JNelson6563]

4. I've been in one

and lemme tell you, as a 20 veteran of the retail sector, the place is a tutorial on how NOT to run a store. For one thing they are unshoppable. The racks are so tightly jammed you cannot look through them. You don't really need 20 of each size of everything out on the floor.

Walking through there I can do an almost non-stop litany of wrongs, just at a glance. That's not counting all the fashion laws their merchandise break. ;-)

Julie

[bleedingheart]

5. my brother calls it the Wet Beaver since it sells slutty stuff

and as another poster mentioned it is an unshoppable nightmare that really only teenage girls love...

[Oilwellian]

7. Our local Wet Seal store was being picketed...

right before Christmas, several were outside the mall with signs that said "Wet Seal kills baby rabbits." I didn't have a clue what "Wet Seal" was til I went into the mall and saw it was a store. Can you tell how much I HATE going to the mall? :D

[momisold]

9. When I walked past one

in the mall, they didn't look very appealing to shop in. I think this is a case of the marketplace weeding out the crappy stores rather than the economy being bad.

[Red State Rebel]

10. Oh darn, the local slut clothier is going under...n/t

[WhiteTara]

11. our company used to sell products to them

when we were a manufacturing company.  They were really lousy
pay.