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Failing retail store Wet Seal has officially filed for Chapter 11 bankruptcy, following speculation of its impending death, multiple store closings and employee protests in recent weeks.

The simplest explanation: Malls are so '90s, and teens prefer Forever 21. Time reports:

Wet Seal has long struggled to compete. The retailer has booked annual losses and falling sales the last two years and was projected to do so again in 2014. Earlier this month, it announced a plan to close 338 stores and layoff 3,695 employees.


R.I.P. again.

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