As a preliminary move, they're laying off 148 HQ workers
http://www.retaildive.com/news/wet-seal-to-lay-off-148-workers-at-socal-hq/434848
It looks like it’s curtain time for The Wet Seal.
Another teen apparel retailer to close all stores
January 26, 2017 | By Marianne Wilson
The struggling teen retailer is closing its 171 stores, along with its headquarters in Irvine, Calif., after being unable to obtain the necessary cash infusion or find a buyer, according to several media reports.
The news comes on the heels of another teen â€" focused apparel retailer, The Limited, shutting down its operations.
“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,†Wet Seal VP and general counsel Michelle Stocker wrote in the letter to headquarter employees, a copy of which The Wall Street Journal reviewed.
Wet Seal filed for bankruptcy in January 2015, shortly after closing some two-third of its stores. It was acquired by private-equity firm Versa Capital Management for $7.5 million in cash and $20 million debtor-in-possession financing. But the chain has struggled to find its footing amid increased competition from fast-fashion retailers and online players.