Wet Seal reportedly closing all stores

Wet Seal announced it is closing all of its stores and laying off its workers.

In a letter to employees, company officials say they were not able to raise enough funds or find a buyer to stay open.

The chain has 171 stores in 42 states.

Times are tough for American retailers.

American Apparel and Limited Stores Co. recently notified employees they would lose their jobs in connection with bankruptcy filings.

Sears and Macy's have also announced mass closures this year.
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