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Wet Seal to close 150 stores, layoff 2,000 employees [View All]

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UpInArms

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Wed Dec-29-04 08:05 AM
Original message

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

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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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