Just days after announcing store closures, Wet Seal has filed for Chapter 11 bankruptcy protection.
Last month, the teen retailer acknowledged it was out of options for continuing operations, and as result would be closing its remaining 171 doors. Since then, headlines across the country have been filled with news of store closures.
This is the second bankruptcy filing for Wet Seal. The first occurred in January 2015. At the time, the retailer closed 338 stores and laid off 3,695 employees.
In court documents, Wet Seal lists its assets at between $10 million to $50 million, with $50 million to $100 million in liabilities.
The company also stated it had made the decision to file “only upon considering all reasonable alternatives, exploring and entertaining creative restructuring solutions, and pursuing both strategic and operational business partners.”
The chain has updated its website to alert customers that all sales made after Jan. 28 are final sale only.