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Wet Seal to Close 338 Stores as Downturn Continues

In Industry News, Reports, What's New by Accessories StaffLeave a Comment

Foothill Ranch, CA—Faced with stinging competition from fast-fashion retailers and slowing sales, Wet Seal today announced it will be closing 338 stores—approximately two-thirds of its retail locations, a move that could affect nearly 4,000 employees. “This was a very difficult decision to make, but after reviewing many other options since …

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Good Tidings: December Comp Sales Better Than Expected

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New York—Despite unpredictable weather and politics in Washington, retailers managed to beat what had been lowered expectations for December comparable store sales. Of the 17 or so major retailers reporting today (excluding drugstores), total December comparable store sales rose 4.5%, topping analysts’ estimates for a 3.3% increase. Even better, the …

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October Retail Comps Up; Sandy Effects Yet to be Felt

In Industry News, Reports, What's New by Accessories StaffLeave a Comment

New York—While October retail comparable store sales increased nearly 5%, some retailers cautioned today that their November—and even holiday totals—could be adversely affected by the Superstorm Sandy. Of the 17 retailers (excluding drugstores) tracked by Thomson Reuters that posted October results today, overall comparable store sales rose 4.7% better than …