The Wet Seal Inc.’s two Jacksonville stores were among the 338 locations the company closed by Wednesday.
The stores in The Avenues and Regency Square malls closed, confirmed representatives.
California-based Wet Seal is a specialty fashion retailer for teen girls and young women.
It announced Wednesday it proceeded with the store closures after assessing its overall financial condition “and the Company’s inability to successfully negotiate meaningful concessions from its landlords. “
About 3,695 full- and part-time employees lost their jobs.
At that average, each store employed 11 workers, meaning 22 local positions likely were terminated.
The stores that closed represented about 48 percent of the company’s net sales for the nine months that ended Nov. 1. The company expects to operate 173 retail stores in 42 states and Puerto Rico as of Friday, along with its Internet business.
Angie Vennerstrom, director of marketing and business development at the Avenues, said in a statement the mall is committed to providing shoppers with a variety of stores and restaurants.
“We will continue to announce new tenants throughout the new year that will best serve the needs of our shoppers,” Vennerstrom said.
CNN Money reported the teen apparel company has been struggling to keep up in the world of “fast fashion” that demands retailers get runway looks on their shelves quickly and cheaply, as well as a slowdown in mall traffic.
Wet Seal reported a net loss of $36 million in the third quarter as comparable store sales dropped 14.5 percent. It expects $5.4 million to $6.4 million in pre-tax charges relating to the store closings.
Meanwhile, Jacksonville-based Body Central Corp., which targets the same market, said Wednesday it “is experiencing significant liquidity challenges” that could force the struggling fashion retailer to file for a Chapter 11 bankruptcy reorganization.