Content about Wet Seal

April 8, 2014

The board of directors of Wet Seal Inc. has decided to reduce the cash compensation for its directors by 20% for the remainder of fiscal 2014.

Foothill Ranch, Calif. -- The board of directors of Wet Seal Inc. has decided to reduce the cash compensation for its directors by 20% for the remainder of fiscal 2014. Wet Seal will also reduce the number of director nominees to be elected at its upcoming annual meeting from nine to seven.

Kathy Bronstein recently resigned from The Wet Seal’s board of directors, effective April 4.

April 7, 2014

The Wet Seal announced that Kathy Bronstein resigned from its board of directors, effective April 4.

Foothill Ranch, Calif. -- The Wet Seal announced that Kathy Bronstein resigned from its board of directors, effective April 4.

Lynda Davey, The Wet Seal’s non-executive chairman, stated: “Kathy has been a valued member of the board of directors and we appreciate the contributions she made to the company, both as a board member and during her earlier tenure as CEO.”

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%.

March 10, 2014

The Wet Seal Inc. has appointed Deena Varshavskaya, Nancy Lublin and Adam Rothstein as new independent members of the company’s board of directors.

Foothill Ranch, Calif. -- The Wet Seal Inc. has appointed Deena Varshavskaya, Nancy Lublin and Adam Rothstein as new independent members of the company’s board of directors. The appointments expand the size of the board from seven to nine members.

February 6, 2014

The Wet Seal Inc. reported declines in net and same-store sales for the fourth quarter and full fiscal year 2013, compared to the same periods in the prior year.

Foothill Ranch, Calif. – The Wet Seal Inc. reported declines in net and same-store sales for the fourth quarter and full fiscal year 2013, compared to the same periods in the prior year. During the fourth quarter, Wet Seal reported net sales of $122.8 million, down 22.8%, and a 16.5% drop in same-store sales.

February 4, 2014

Mindy C. Meads has resigned from the board of directors of The Wet Seal, effective Feb. 4, in order to focus on her new role as CEO of specialty women’s apparel retailer Calypso St. Barth.

Foothill Ranch, Calif. -- Mindy C. Meads has resigned from the board of directors of The Wet Seal, effective Feb. 4, in order to focus on her new role as CEO of specialty women’s apparel retailer Calypso St. Barth.

December 10, 2013

The Wet Seal announced a partnership with AwesomenessTV on reality series, "The Intern." AwesomenessTV, one of the most subscribed to video destinations for teens on YouTube, debuted the series on Nov. 25 and will air four weekly installments throughout the month of December.

Foothill Ranch, Calif. -- The Wet Seal announced a partnership with AwesomenessTV on reality series, "The Intern." AwesomenessTV, one of the most subscribed to video destinations for teens on YouTube, debuted the series on Nov. 25 and will air four weekly installments throughout the month of December.

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.

November 7, 2013

The Wet Seal reported net sales of $127.7 million during the third quarter of fiscal 2013, down 5.8% from the same quarter in the prior year.

Foothill Ranch, Calif. – The Wet Seal reported net sales of $127.7 million during the third quarter of fiscal 2013, down 5.8% from the same quarter in the prior year. In a partial release of third quarter figures, the company also reported a 0.8% increase in same-store sales.

October 16, 2013

The Wet Seal Inc. revising its financial guidance for the third quarter of fiscal 2013 ending November 2, 2013.

Foothill Ranch, Calif. – The Wet Seal Inc. revising its financial guidance for the third quarter of fiscal 2013 ending November 2, 2013. The company now expects to report a same-store sales increase in the low-single digits, compared to previously forecast mid-single digits, as well as a larger net loss than previously estimated.

August 28, 2013

The Wet Seal Inc. swung to a profit in the second quarter, reporting net income of $1 million, compared to a net loss of $12.4 million a year earlier.

Foothill Ranch, Calif. -- The Wet Seal Inc. swung to a profit in the second quarter, reporting net income of $1 million, compared to a net loss of $12.4 million a year earlier. The retailer also announced it is introducing its Wet Seal Plus Collection, previously available only online, to 36 stores, on Aug. 30.

In addition, net sales totaled $137.2 million, up about 1% from $135.3 million in the second quarter of 2012. Same store sales grew 3.7%, while e-commerce sales remained flat. Overall results were in line with Zack’s consensus estimates.

August 8, 2013

The Wet Seal Inc. reported net sales of $137.2 million during the second quarter of fiscal 2013, a 1.5% improvement from the second quarter of the previous year.

Foothill Ranch, Calif. – The Wet Seal Inc. reported net sales of $137.2 million during the second quarter of fiscal 2013, a 1.5% improvement from the second quarter of the previous year. However, this figure fell a bit short of the $138.5 million analysts were expecting.

July 31, 2013

The Wet Seal, Inc. has selected the Demandware Commerce platform to help support omni-channel operations.

Foothill Ranch, Calif. -- The Wet Seal, Inc. has selected the Demandware Commerce platform to help support omni-channel operations. The specialty apparel retailer will leverage the solution to provide optimal online and mobile shopping services in a secure environment, integrated with its larger merchandising strategy.

June 10, 2013

The Wet Seal announced today that retail veteran Lesli Gilbert has been appointed executive VP, stores and operations, effective immediately.

Foothill Ranch, Calif. -- The Wet Seal announced today that retail veteran Lesli Gilbert has been appointed executive VP, stores and operations, effective immediately. Gilbert replaces Barbara Cook, former senior VP store operations, who resigned in February.

Most recently, Gilbert was senior VP of stores at The Talbots, where she was responsible for developing the stores strategy and framework to reposition the business

May 17, 2013

Online jewelry retailer Blue Nile has appointed Mindy Meads to its board of directors. Meads previously served as co-CEO of Aeropostale and president and CEO of Victoria’s Secret, among other executive posts in a 35-year apparel retail career. She also serves on the board of Wet Seal.

Seattle -- Online jewelry retailer Blue Nile has appointed Mindy Meads to its board of directors. Meads previously served as co-CEO of Aeropostale and president and CEO of Victoria’s Secret, among other executive posts in a 35-year apparel retail career. She also serves on the board of Wet Seal.

May 9, 2013

Wet Seal Inc. agreed to pay $7.5 million to settle a federal racial discrimination lawsuit that accused retailer of firing black employees because they didn’t fit the retailer’s “brand image.”

Philadelphia -- Wet Seal Inc. agreed to pay $7.5 million to settle a federal racial discrimination lawsuit that accused retailer of firing black employees because they didn’t fit the retailer’s “brand image.”
   
The NAACP Legal Defense and Education Fund represented the plaintiffs in the class-action effort. The lawsuit alleged that former top Wet Seal executives denied equal pay and promotion opportunities to black store managers or removed them outright, replacing them with white employees.

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.

 

February 4, 2013

The Wet Seal Inc. on Friday announced that its COO is resigning as the struggling retailer initiates a corporate workforce reduction as part of a broader cost-saving initiative.

Foothills Ranch, Calif. -- The Wet Seal Inc. on Friday announced that its COO is resigning as the struggling retailer initiates a corporate workforce reduction as part of a broader cost-saving initiative. In other moves, it will shutter two poor-performing Arden B stores.

The struggling chain, which also authorized a $25 million stock buyback program, said president and COO Ken Seipel resigned effective immediately. His position will not be filled. Instead, Seipel's duties will be shared between CEO John Goodman and CFO Steve Benrubi.

January 7, 2013

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 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 4, 2012

The Wet Seal Inc. encouraged its shareholders to reject efforts by its third-largest investor, Clinton Group, to gain control of the board, Reuters reported.

New York -- The Wet Seal Inc. encouraged its shareholders on Wednesday to reject efforts by its third-largest investor, Clinton Group, to gain control of the board, Reuters reported. The company's board has eight seats, of which one is vacant.

Clinton, which holds approximately 7% of Wet Seal, said retailer earlier in the day backtracked on an offer, made via an investment banker, for four directors to resign in exchange for the activist investor ending its move, according to the report.

September 26, 2012

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.

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.  

September 25, 2012

On the heels of activist investor The Clinton Group’s announced plans to replace some of Wet Seal’s board members, the retailer is advising its shareholders against supporting the move.

Foothill Ranch, Calif. -- On the heels of activist investor The Clinton Group’s announced plans to replace some of Wet Seal’s board members, the retailer is advising its shareholders against supporting the move.

September 25, 2012

On the heels of activist investor The Clinton Group’s announced plans to replace some of Wet Seal’s board members, the retailer is advising its shareholders against supporting the move.

Foothill Ranch, Calif. -- On the heels of activist investor The Clinton Group’s announced plans to replace some of Wet Seal’s board members, the retailer is advising its shareholders against supporting the move.

September 24, 2012

Wet Seal Inc. sent a letter to its shareholders saying activist investor Clinton Group is looking to replace most of the retailer's board with its own nominees, Reuters reported.

New York -- Wet Seal Inc. sent a letter to its shareholders saying activist investor Clinton Group is looking to replace most of the retailer's board with its own nominees, Reuters reported.

Wet Seal urged its shareholders to reject Clinton's five-member slate, according to a filing with regulators on Sept. 24, the report said.