Wet Seal (WTSL), a teen clothing retailer, is closing down stores and cutting jobs.

Wet Seal has announced that it will close down 338 of its stores. This will only leave the company with 173 stores open and its online business. The closings will also cause roughly 3,700 people to lose their jobs. Employees claim they weren’t alerted beforehand and that they’ve lost benefits and haven’t been given severance, reports CNN Money.

Wet Seal has seen a decline in sales as it struggles to keep up with fashion trends. It also doesn’t help that mall traffic is down in general. The company expects to pay anywhere from $5.4 million to $6.4 million in pre-tax charges for the closures, CNN Money notes.

Wet Seal was founded in 1962. The company has faced hardships these last two years with declining sales, reports the Associated Press.

WTSL shares were up 147% as of Wednesday afternoon.

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