Large Retailers Which Have Filed For Bankruptcy
Wet Seal
Wet Seal is yet another teen clothing brand that found itself in the red during the retail apocalypse. Founded in 1962, it was formerly known as Lorne’s, named for its founder, Lorne Huycke. They changed the name to Wet Seal after a comment that Lorne made while watching a fashion show. Despite its long history, Wet Seal consistently struggled against main rivals Aeropostale and Abercrombie & Fitch.
By the time fast fashion chains like H&M and Forever 21 entered the arena, Wet Seal was on the verge of bankruptcy. They laid off 35 employees in 2013 and closed a number of stores in 2015. In the same year, they filed for Chapter 11 protection. By 2017, all Wet Seal operations have been terminated and the brand has since been acquired by an investment firm.
You must be logged in to post a comment Login