The Wet Seal Inc., a teen clothing retailer, has filed for Chapter 11 bankruptcy protection in an effort to keep its remaining stores open. The announcement Friday comes a little over a week after the chain said that it was closing 338 stores, or about two-thirds of its total. The retailer hopes to keep operating during the bankruptcy process, including its 173 stores in 42 states across the U.S.
According to the AP, "Wet Seal and other chains are being hurt by stores like H&M and Forever 21 that are wooing young people with fast-changing selections of low-priced fashion. Teens are also more interested in outfitting themselves with the latest tech gadgets than new jeans."