After filing for bankruptcy two years ago, teen retailer Wet Seal is preparing to close all of its 171 stores due to slumping sales and a lack of buyout bids.

While the company has not officially announced its liquidation, the Wall Street Journal received a letter dated Jan. 20 that said Wet Seal was unable to find a buyer or raise more cash, leaving it with no option but to close its doors, Yahoo Finance reports. Supporting that story, a California WARN (Workers Adjustment and Retraining Notification) report filed last week said Wet Seal was closing permanently and laying off all 148 workers at its corporate headquarters.

Wet Seal will be the latest retailer to close all of its stores, following American Apparel and The Limited as e-commerce and intensified competition continue to take a toll. [Yahoo]