Wet Seal Starts Closing About 150 Locations

Wet Seal Inc., which plans to shutter about 150 of its namesake stores, has begun the liquidation process.

Of 37 Wet Seal stores in California contacted Tuesday, 15 said they would be closing and most had already marked 30% off the price of their merchandise. The closures in Southern California include stores in Cerritos, West Covina, Laguna Hills, Mission Viejo and Escondido.

The process of shuttering stores -- which will eliminate about 2,000 jobs -- will be complete by the end of February, the teen retailer has said.

There are 463 Wet Seal stores nationwide and 58 in California. The Foothill Ranch-based company hasn’t disclosed a full list of the stores targeted for shutdown. The company also runs 96 Arden B. stores.

Wet Seal, which saw considerable shifting in its executive ranks as it struggled through nine consecutive quarters of losses, recently announced the retirement of two more directors. The company gave no explanation for the resignations of Irving Teitelbaum, a former board chairman, and Stephen Gross.

Joel Waller, who starts as chief executive Feb. 1, was appointed to the board. Waller will be the third CEO in two years.

Wet Seal shares -- which have lost 79% of their value over the last year -- rose 5 cents to $2.10 on Nasdaq.