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.
Clothing store chain The Wet Seal Inc. has hired fashion retail veteran Susan P. McGalla as CEO with a contract that runs through 2014. McGalla joins the company on Jan. 18, taking over from interim CEO Ed Thomas.