Content about Clinton Group

Foothills Ranch, Calif. -- The chairman of The Wet Seal and three other directors have stepped down from its board, replaced by four nominees of the Clinton Group. The move follows several attempts by the activist investor group, which holds about 7% of Wet Seal, to take control of the struggling retailer.

As a result of the board changes, Clinton Group has agreed to terminate its effort to get support from shareholders for its nominees, Wet Seal said Friday.

Foothill Ranch, Calif. -- The Wet Seal said that two independent proxy advisors, Institutional Shareholder Services and Egan-Jones Proxy Services, recommended that the chain’s shareholders reject efforts by Clinton Group to replace six members of the company’s board of directors.  

Foothills Ranch, Calif. -- The Wet Seal Inc. said Thursday it has dropped its temporary shareholder rights plan, citing feedback from stakeholders, and has proposed to expand its board to include two nominees of activist investor Clinton Group.

In July, Clinton Group, which owns approximately 7% of Wet Seal, called for a sale of the retailer, expressing dissatisfaction with its performance, and made a play for four seats on the board. In response, the retailer adopted a temporary shareholder rights plan with a 10% trigger.

Foothill Ranch, Calif. -- One day after releasing its CEO, teen retailer Wet Seal confirmed it is in talks with major shareholder Clinton Group regarding a potential sale of the company.

Wet Seal fired chief executive Susan McGalla on Monday, citing downward spiraling sales during her 11-month tenure. Clinton Group then ramped up its insistence that Wet Seal put itself up for sale.