A national clothing retailer has shut down its Virginia Center Commons store. Photo by Michael Thompson.
A mass closure this week by a national retailer has left vacancies in a pair of local malls.
Richmond’s two Wet Seal locations in Virginia Center Commons and Chesterfield Towne Center have shut down, following an announcement on Wednesday by the California women’s fashion chain that it would close 338 of its stores and lay off about 3,700 employees.
The company, which did not return a call seeking comment, said in a press release Wednesday that the closings were due to its financial condition and its inability to negotiate lease concessions with its landlords.
“This was a very difficult decision to make, but after reviewing many other options since I returned to the Company in September, our financial condition leaves us no other alternative than to close these stores,” Wet Seal CEO Ed Thomas said in the release.
MarketWatch reported that one of WetSeal’s lenders has issued a default notice, which if not met or renegotiated could spell bankruptcy for the brand.
The closings represent about two-thirds of the company’s brick-and-mortar stores. Wet Seal said it will continue to operate 173 retail stores and its online business.
Matt Chudoba, a spokesperson for Chesterfield Towne Center owner Rouse Properties, said in an email Wet Seal had been a tenant at the mall since 2012. He would not say whether a new tenant was lined up for the now vacant space.
“Rouse has a strong record of filling vacant space and plans to re-lease the space to a tenant that will be a good fit for the mall’s vibrant shopping environment and that caters to the Richmond community,” Chudoba said in the email.
Virginia Center Commons’ management could not be reached for comment. The mall is owned by the shopping center real estate firm Simon Property Group.
A national clothing retailer has shut down its Virginia Center Commons store. Photo by Michael Thompson.
A mass closure this week by a national retailer has left vacancies in a pair of local malls.
Richmond’s two Wet Seal locations in Virginia Center Commons and Chesterfield Towne Center have shut down, following an announcement on Wednesday by the California women’s fashion chain that it would close 338 of its stores and lay off about 3,700 employees.
The company, which did not return a call seeking comment, said in a press release Wednesday that the closings were due to its financial condition and its inability to negotiate lease concessions with its landlords.
“This was a very difficult decision to make, but after reviewing many other options since I returned to the Company in September, our financial condition leaves us no other alternative than to close these stores,” Wet Seal CEO Ed Thomas said in the release.
MarketWatch reported that one of WetSeal’s lenders has issued a default notice, which if not met or renegotiated could spell bankruptcy for the brand.
The closings represent about two-thirds of the company’s brick-and-mortar stores. Wet Seal said it will continue to operate 173 retail stores and its online business.
Matt Chudoba, a spokesperson for Chesterfield Towne Center owner Rouse Properties, said in an email Wet Seal had been a tenant at the mall since 2012. He would not say whether a new tenant was lined up for the now vacant space.
“Rouse has a strong record of filling vacant space and plans to re-lease the space to a tenant that will be a good fit for the mall’s vibrant shopping environment and that caters to the Richmond community,” Chudoba said in the email.
Virginia Center Commons’ management could not be reached for comment. The mall is owned by the shopping center real estate firm Simon Property Group.