INDIANAPOLIS, Ind. – Moist Seal is reportedly closing all of its retailers and laying off its personnel.
In a letter acquired by the Wall Road Journal, the teen retailer notified personnel in its Irvine, Calif., headquarters that the office environment would forever near and all personnel would lose their employment.
“Unfortunately, the firm was not able to acquire the required funds or discover a strategic partner, and was not too long ago informed that it will acquire no even more funding for its functions,” stated Vice President and Normal Counsel Michelle Stocker in the letter.
Moist Seal has 171 retailers in forty two states, in accordance to its web page. 1 of those retailers is positioned at the Castleton Sq. Mall in Indianapolis.
Moist Seal previously filed for individual bankruptcy defense in 2015. Versa Cash Administration LLC later on acquired the firm for $seven.five million, and at the time, promised to keep at minimum a hundred and forty retailers open. But immediately after the teen retailer continued to battle and saw its revenue endure, persons common with the issue instructed the Journal.
Occasions are tough for American vendors in common. Just this thirty day period, The Limited declared it would near all retailers in advance of submitting for individual bankruptcy defense, and Sears Holdings declared the closure of dozens of Kmart and Sears areas. Both Talbots and The Loft also closed their doors at the Circle Centre Mall downtown.