Wet Seal teen clothing stores closing nationwide, including two in Spokane area

Wet Seal, a trendy chain of clothing stores catering to teenagers, is closing all 171 of its stores, including two in the Spokane area.

The financially struggling chain, based in Irvine, California, made the decision after it was unable to secure capital or a new buyer, The Wall Street Journal reported.

After Wet Seal filed for bankruptcy protection two years ago, the company was acquired by Versa Capital Management LLC, which closed 338 Wet Seal stores and laid off almost 3,700 employees.

The remaining 171 stores operate in 42 states. The local stores are at Northtown Mall and Spokane Valley Mall.

Wet Seal was founded as a swimwear boutique in California in 1962.