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Wet Seal Closes in Ballston as Company Faces Default

by Ethan Rothstein January 6, 2015 at 2:00 pm 2,009 0

Wet Seal, the national young women’s clothing store chain, has closed its location in Ballston Common Mall amid serious money trouble at the corporate level.

The Ballston location closed over the weekend, and pieces of merchandise were still strewn about the store despite most of it laying empty yesterday.

According to a tipster, there was a handwritten sign in the window that read along the lines of, “check the internet if you want to know why we are closed. wet seal sucks! liars!” (Update at 6:30 p.m. — BuzzFeed has a photo of the sign and an interview with its creator.)

Other Wet Seal stores around the country were closed abruptly, and employees of the location that closed in Durham, N.C., also posted a sign complaining about the fashion in which the store closed and how it treated its now-jobless employees.

Bloomberg News reported last week that Wet Seal received a notice of default and owes its creditors $28.8 million by Jan. 12. The financial news site says the company’s stock price has plummeted to 5.7 cents a share, having lost 97 percent of its value in the last year. If the company’s projections hold up, it will have lost almost $240 million by the end of the fiscal year.

According to the Dayton Daily News in Dayton, Ohio, 350 Wet Seal stores nationwide are in line to be closed. Employees in many of those stores were give just one day’s notice.

The Wet Seal location in the Fashion Centre at Pentagon City remains open, and a store employee told ARLnow.com today that the Ballston location’s closure and any problems at the corporate level are “news to me.”

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