Content about Wet Seal

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.

September 20, 2012

The Wet Seal Inc. said 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.

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.

September 17, 2012

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.

September 17, 2012

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.

August 23, 2012

As part of its push toward forcing Wet Seal to put itself up for sale, investor Clinton Group on Thursday named its own slate of board candidates to replace the existing members.

Foothill Ranch, Calif. -- As part of its push toward forcing Wet Seal to put itself up for sale, investor Clinton Group on Thursday named its own slate of board candidates to replace the existing members.

Clinton’s candidates include former United Retail Group chief Raphael Benaroya, former chairman and CEO of Charming Shoppes Dorrit Bern, former Aeropostale co-CEO Mindy Meads, former Aeropostale COO John Mills, and investment banker Lynda Davey.

August 22, 2012

The Wet Seal said it has hired financial advisors and adopted a poison pill that discourages an investor from acquiring 10% of the company.

Foothill Ranch, Calif. -- The Wet Seal said it has hired financial advisors and adopted a poison pill that discourages an investor from acquiring 10% of the company.

The move comes as Clinton Group, an investor with a 3.9% stake in the chain, has been putting pressure on the company to put itself on the block.

“We took this action to ensure the board has sufficient time to consider any option,” said Wet Seal chairman Harold Kahn.

July 24, 2012

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.
 

March 22, 2012

The Wet Seal reported that net income for the fourth quarter dropped to $1.1 million from $5.3 million a year earlier.

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter dropped to $1.1 million from $5.3 million a year earlier. Sales in the quarter followed the same downward trend, as net sales fell to $163.2 million from $165.5 million, and same-store sales declined 5.5%.

November 17, 2011

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

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

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.
 

March 24, 2011

The Wet Seal reported Thursday that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period.

Foothill Ranch, Calif. -- The Wet Seal reported Thursday that net income for the fourth quarter ended Jan. 29 dropped to $5.3 million, compared with $74.2 million in the year-ago period. Last year’s quarter included a non-cash tax benefit of $64.7 million.

Sales rose to $165.5 million from $151 million a year earlier. Same-store sales increased 2.3%. Same-store sales for Wet Seal increased 1.9% and for Arden B increased 4.8%.

March 22, 2011

The Wet Seal announced Monday that it has hired Ken Seipel as president and COO, effective March 28.

Foothill Ranch, Calif. -- The Wet Seal announced Monday that it has hired Ken Seipel as president and COO, effective March 28.

Seipel will report to CEO Susan P. McGalla.

Seipel was previously president and chief merchandise/marketing officer of Pamida Discount Stores LLC, a regional general merchandise discount retailer. Prior to that, he was executive VP of stores, operations and store design for the Old Navy division of Gap.

February 3, 2011

Many retailers surprised with solid January revenue reporting on Thursday, despite snowstorms that raged across the country during the month.

New York City -- Many retailers reported solid January sales on Thursday, despite snowstorms that raged across the country during the month. On average, the retail sector reported same-store sales growth of 4.2%, according to Thomson Reuters, which far outpaced the average estimate of 2.7%, the group said.

The results, many of which surpassed Wall Street expectations, offer encouragement that the economic recovery is picking up speed.

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.