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Teen retailer Wet Seal closing two-thirds of its stores

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Teen fashion purveyor Wet Seal has announced it will close 338 stores — two-thirds of the company’s retail locations — in a move that will result in layoffs that will affect about 3,695 employees.

The decision isn’t exactly a surprise, as the retailer has struggled to compete with larger fast-fashion competitors such as H&M that offer more on-trend merchandise. Wet Seal, which last year announced it would close its Arden B locations, has reported annual losses in 2012 and 2013 as sales tumbled lower.

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