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September 11, 2014

Teen retailer The Wet Seal reported a new loss of $22 million for its second quarter, up from $1 million to $22 million in the year-ago period.

Foothill Ranch, Calif. – Teen retailer The Wet Seal reported a new loss of $22 million for its second quarter, up from $1 million to $22 million in the year-ago period. Lower merchandise margins, higher occupancy costs, costs related to exiting its Arden B business, and non-cash asset impairment charges all helped increase Wet Seal’s net loss.

Net sales decreased 11.6% to $121.2 million, from $137.2 million. One bright spot was e-commerce, where sales rose 25%.

September 3, 2014

Wet Seal Chairperson Lynda Davey is resigning from her post, effective Oct. 1.

Foothill Ranch, Calif. -- Wet Seal Chairperson Lynda Davey is resigning from her post, effective Oct. 1. The announcement of her resignation comes on the heels of the departure of the troubled teen retailer’s CEO. Davey will be replaced by Adam Rothstein.

August 12, 2014

The Wet Seal Inc. is launching its new Wet Seal + Plus banner with 30 new stores opening Aug. 16.

Foothill Ranch, Calif. – The Wet Seal Inc. is launching its new Wet Seal + Plus banner with 30 new stores opening Aug. 16. The stores are opening in California, Illinois, Kansas, Kentucky, Massachusetts, Maryland, Missouri, New Jersey, New York, Puerto Rico, Rhode Island, South Carolina, Texas and Virginia.

May 27, 2014

Fashion retailer Wet Seal Inc. swung to a loss in its first quarter amid declining sales

Foothills Ranch, Calif. -- Fashion retailer Wet Seal Inc. swung to a loss in its  first quarter amid declining sales. The company reported a loss of $21.8 million, compared with a year-earlier profit of $3.1 million.

Sales fell 17% to $116.7 million. Total same-store sales, including e-commerce, fell 16.9%.
 
Wet Seal said it was challenged by  weak mall traffic, higher promotional activity and disruptive weather as challenges for the quarter.

March 21, 2014

The Wet Seal Inc. shrank its net loss to $27.5 million during the fourth quarter of fiscal 2013 from $85.8 million in the same quarter a year earlier.

Foothill Ranch, Calif. – The Wet Seal Inc. shrank its net loss to $27.5 million during the fourth quarter of fiscal 2013 from $85.8 million in the same quarter a year earlier. Net sales slipped 23% to $124.8 million from $161.6 million and same-store sales dropped 16%.

December 4, 2013

Wet Seal recorded a loss of $14.9 million for the fiscal 2013 third quarter, essentially flat with last year.

Foothill Ranch, Calif. -- Wet Seal recorded a loss of $14.9 million for the fiscal 2013 third quarter, essentially flat with last year.

Sales dipped to $127.7 million from $135.5 million, and same-store edged up 0.8%, including an increase of 1.7% at Wet Seal and a decrease of 6.7% at Arden B.

February 12, 2013

The Wet Seal said that its SVP store operations Barbara Cook has resigned the company, effective Feb. 20.

Foothill Ranch, Calif. — The Wet Seal said Monday that its  SVP store operations Barbara Cook has resigned the company, effective Feb. 20.

Wet Seal said Cook has accepted a new position elsewhere, after joining Wet Seal in late 2011.

 

January 12, 2011

Specialty apparel retailer Wet Seal announced that it has entered into an employment contract with Susan McGalla to serve as its new CEO through Aug. 8, 2014.

Foothill Ranch, Calif. -- Specialty apparel retailer Wet Seal announced that it has entered into an employment contract with Susan McGalla to serve as its new CEO through Aug. 8, 2014. McGalla will assume her position as CEO on Jan. 18. Ed Thomas will remain as interim CEO until Jan. 18, and thereafter will remain employed by the company until Feb. 8, to assist with transition.