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March 18, 2013

SPECS 2013 opens with Navy Seal, aid for children

Chain Store Age's 49th annual SPECS store development conference officially kicked off on Monday morning at the Hilton Anatole in Dallas with two kinds of inspiration: Greg Buzek, president of IHL Group, introduced the Retail Orphan Initiative, and U.S. Navy Seal Scott Taylor presented Afterburner Black Ops, challenging the audience of retailers in design, construction, facilities, store planning and development to use Seal techniques to run their organizations.

Dallas -- Chain Store Age's 49th annual SPECS store development conference officially kicked off on Monday morning at the Hilton Anatole in Dallas with two kinds of inspiration: Greg Buzek, president of IHL Group, introduced the Retail Orphan Initiative, and U.S. Navy Seal Scott Taylor presented Afterburner Black Ops, challenging the audience of retailers in design, construction, facilities, store planning and development to use Seal techniques to run their organizations.

February 12, 2013

Wet Seal operations head resigns

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 7, 2013

Wet Seal names Sears exec as CEO

The Wet Seal has named John D. Goodman to serve as its new CEO, with his appointment effective Jan. 7.

Foothill Ranch, Calif. -- The Wet Seal has named John D. Goodman to serve as its new CEO, with his appointment effective Jan. 7. He replaces former CEO Susan McGalla, who was fired by the company in July 2012 amid sliding sales.

October 10, 2012

Wet Seal names Clinton Group nominee as chairman

Wet Seal Inc. said it has named Clinton Group nominee Lynda Davey as chairman of the board.

Foothill Ranch, Calif. -- Wet Seal Inc. said Wednesday it has named Clinton Group nominee Lynda Davey as chairman of the board. Davey is the former chairman and CEO of Avalon Group Ltd. and will replace the recently departed Harold Kahn.

The announcement follows earlier news that four Clinton Group nominees joined the Wet Seal board of directors: Davey, Dorrit Bern, Mindy Meads and John Mills.

October 5, 2012

Wet Seal chairman and three board members out; replaced by Clinton Group nominees

The chairman of The Wet Seal and three other directors have stepped down from its board, replaced by four nominees of the 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.

September 17, 2012

Wet Seal shareholder nominates new slate for board

The Clinton Group Inc., a 7% shareholder in Wet Seal, made a formal request to replace most of the retailer’s current board of directors.

Foothill Ranch, Colo. -- The Clinton Group Inc., a 7% shareholder in Wet Seal, made a formal request on Monday to replace most of the retailer’s current board of directors.

July 24, 2012

Wet Seal in talks with Clinton Group

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.

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.

July 23, 2012

Wet Seal fires CEO as sales sink

Wet Seal said it has fired CEO Susan McGalla, effectively immediately, citing “financial performance of the chain” as the sole reason for her termination.

Foothill Ranch, Calif. -- Wet Seal said Monday it has fired CEO Susan McGalla, effectively immediately, citing “financial performance of the chain” as the sole reason for her termination.

No successor is in place, and the company said that CFO Steven Benrubi, along with chairman Hal Kahn and COO Ken Seipel, will serve in that capacity during the search process.

July 12, 2012

Trio of former managers sue Wet Seal for discrimination

A report released by the New York Times said that three ex-managers of Wet Seal have filed a federal race discrimination lawsuit, claiming bias against African-American employees.

Santa Ana, Calif. -- A report released Thursday by the New York Times said that three ex-managers of Wet Seal have filed a federal race discrimination lawsuit, claiming bias against African-American employees. The trio alleges the retailer has a high-level policy of firing and denying pay increases and promotions to blacks because they did not fit the retailer’s “brand image,” according to the Times report.

November 17, 2011

Wet Seal Q3 profit and sales up

The Wet Seal reported that net income for the third quarter rose to $3.7 million, from $2.6 million a year earlier.

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the third quarter rose to $3.7 million, from $2.6 million a year earlier.

Sales increased to $152.1 million from $146.4 million. Same-store sales declined 0.9% on a consolidated basis.

The company had six store openings and two store closings at Wet Seal and four store openings and no store closings at Arden B during the third quarter. It expects to have 22 net Wet Seal store openings and three net Arden B store openings for the full year.

August 19, 2011

Wet Seal profit edges up in Q2

The Wet Seal reported Thursday that net income for the quarter ended July 30 rose to $2.2 million from $1.6 million.

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the quarter ended July 30 rose to $2.2 million from $1.6 million.

Sales rose to $148.8 million, compared with $131.5 million a year earlier. Same-store sales increased 6%, the strongest second-quarter comps since 2005, according to the company.

Looking ahead, Wet Seal said it plans to spend $17 million to $18 million in fiscal 2011 on construction of new stores or remodeling of existing stores upon lease renewals and/or store relocations.

May 19, 2011

Wet Seal profit soars in Q1

The Wet Seal reported Thursday that net income for the quarter ended April 30 rose to $8 million, compared with $3.1 million a year earlier.

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the quarter ended April 30 rose to $8 million, compared with $3.1 million a year earlier.

Revenue rose to $156 million from $137.8 million. Same-store sales increased 7%.

Wet Seal said it expects eight net new store openings in 2011, with six net openings at Wet Seal and two at Arden B.

January 12, 2011

Former AEO exec to take on CEO role at Wet Seal

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.

June 27, 2010

Wet Seal opens Blink pop-up

The Wet Seal has opened of Blink, a denim-focused pop-up store, at The Galleria at...

January 28, 2009

Wet Seal Cuts Management, Corporate Jobs

Wet Seal Inc. said Wednesday it has eliminated 41 management and corporate jobs beginning in fiscal 2009....

July 31, 2008

Wet Seal Hires Hot Topic Merchandising Exec

The Wet Seal Thursday company named Maria Comfort president and chief merchandise officer for its...

September 11, 2007

Wet Seal CFO Jumps to Old Navy

Foothill Ranch, Calif., ...