Wet Seal closing more than 300 stores

FRESNO, Calif. (KFSN) -- Wet Seal is closing down 338 of its stores on Wednesday. The clothing retailer's CEO says the company is in serious financial trouble, and the store closures are the only way the brand will survive.

Nearly 3,700 full- and part-time employees are expected to lose their jobs. After the closures, Wet Seal will have about 173 stores remaining, along with its website.

The Wet Seal store at Clovis and Herndon avenues in Clovis has closed its doors. At this point, the stores at River Park, Fashion Fair Mall, Merced Mall, Visalia Mall and Hanford Mall are not closing.