US Retailer Wet Seal Will Close 338 Stores, Involving Thousands Of Layoffs.

Recently, Wet Seal, an American clothing retailer, announced that it will close 338 stores and remove about 3700 full-time and part-time employees.

Wet Seal has warned early last month that it would submit bankruptcy protection applications if it could not meet immediate liquidity needs.

The company's share price rose 7.2 cents on Wednesday to 12.7 cents per share, or 130.73%.

The company's share price fell by about 98% in 2014.

Because the preferences of the target customers have turned to H&M, Forever 21 and Zara have the ability to put the display on the stage.

In recent weeks, many young fashion brands, including Wet Seal, have been in trouble in the near future.

Amazon and other online retailers have also taken many customers through big discounts.

Wet Seal has said before that there has been a slowdown in sales growth over the past five quarters.

Unable to negotiate with the shop owners for proper concessions, the company had to choose to close a large number of stores.

A year ago, data showed that

There are 7413 full-time and part-time employees.

As of the nine months ending November 1st, Wet Seal had a net sales of US $317 million, and the proposed closures had more than half of them.

Wet Seal, which is seeking strategic and financial options, will maintain only 173 stores.

Wet Seal says, close these.

There will be $5 million 400 thousand to $6 million 400 thousand in pre tax expenditure.