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Wet Seal reportedly closing all stores

The Wet Seal logo is displayed on the exterior of a closed store on January 7, 2015 in San Francisco, California. Wet Seal, a teen clothing retailer, announced that it has closed 338 of its retail stores and will lay off nearly 3,700 employees. (Photo by Justin Sullivan/Getty Images)

INDIANAPOLIS, Ind. – Wet Seal is reportedly closing all of its stores and laying off its employees.

In a letter obtained by the Wall Street Journal, the teen retailer notified employees in its Irvine, Calif., headquarters that the office would permanently close and all workers would lose their jobs.

“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,” said Vice President and General Counsel Michelle Stocker in the letter.

Wet Seal has 171 stores in 42 states, according to its website. One of those stores is located at the Castleton Square Mall in Indianapolis.

Wet Seal previously filed for bankruptcy protection in 2015. Versa Capital Management LLC later acquired the company for $7.5 million, and at the time, promised to keep at least 140 stores open. But after the teen retailer continued to struggle and saw its sales suffer, people familiar with the matter told the Journal.

Times are tough for American retailers in general. Just this month, The Limited announced it would close all stores before filing for bankruptcy protection, and Sears Holdings announced the closure of dozens of Kmart and Sears locations. Both Talbots and The Loft also closed their doors at the Circle Centre Mall downtown.