Wet Seal Cuts Management, Corporate Jobs
Foothill Ranch, Calif. Wet Seal Inc. said Wednesday it has eliminated 41 management and corporate jobs beginning in fiscal 2009. The company expects the move to save about $3.3 million a year before taxes.
Wet Seal said 37 positions were eliminated in its corporate office, and four operations-management positions held by associates outside the corporate office.
Affected employees received severance packages, Wet Seal said, and the company expects to report a related charge of $200,000 to $300,000 in its fiscal fourth quarter of 2008.
The company reported this month that its same-store sales fell 12.5% during December, as its Arden B chain dragged down results.